Chidambaram: more steps to cut gold imports if needed

India will take more steps if necessary to curb gold imports, finance minister P Chidambaram said on Monday. The country’s overseas purchases of gold and silver shot up 138% in April.

India will take more steps if necessary to curb gold imports, finance minister P Chidambaram said on Monday. The country’s overseas purchases of gold and silver shot up 138% in April.

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“If necessary, more steps will be taken to curb gold imports,” the minister told reporters on the sidelines of a Competition Commission of India function.

He added that the Reserve Bank of India (RBI) is also doing its bit to address the issue.

Chidambaram also said that while global rating agency Standard and Poor’s has reaffirmed its outlook on India, the macro economic position has improved significantly.

“We deserve an upgrade in outlook and rating... there is nothing to worry... our macro economic situation has vastly improved in the last few months,” he said.

He added that while competition has helped consumers in most sectors, like telecom and banking, going ahead there could be restructuring in these sectors. While, in the telecom sector prices have dropped and penetration has improved, there are also a host of issues and new players are reluctant to enter the sector. In banking, too, there is need for mergers to create a few handful large sized banks, he said.