ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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How the Gold Import Chickens Have Come Home to Roost

India's staggering gold import burden is to a large extent the result of liberal policies adopted towards the metal by the government in the post-reform years. Given Indian society's insatiable hunger for gold and that nearly all of it has to come in through imports paid for by savings that now cannot be used for productive purposes, these were bound to hit the wall sooner or later. Though stopping people from buying gold is not going to happen, public policies have to discourage gold purchases through the promotion of financial products, fiscal measures, and administrative controls.

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