.............What’s also worth keeping in mind is that while household physical savings rose from 10.8% of GDP in FY08 to 14.8% in FY13, this was exceeded by the 6.1 percentage point fall in government and corporate savings. In other words, blaming just households is unfair. Equally important, as long as global gold prices were rising, to a peak of $1,744 per troy ounce in the December 2012 quarter, imports kept surging even though import duties were hiked. It is when the global growth picture started improving that gold prices began falling........
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