.........India’s exports have been declining month after month, as the prospects of a revival in the principal markets of the developed world have not improved. Imports of two commodities, gold and petroleum, have remained sticky and account for a substantial portion of the imbalance. Various measures adopted by the government and the RBI to curb the demand for gold have had limited success. Past experience suggests that measures such as physical controls will be counterproductive and encourage illegal trade. One promising route, though relevant only for the long term, is to popularise gold-based financial products to wean away consumers from their old preference for gold..........
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