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[Bregs]
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Zee Media Bureau
New Delhi: Government may use a portion of the country's gold reserves to reduce Indias widening current deficit, Union Commerce and Industry Minister Anand Sharma has hinted.
The Commerce Minister said that only 500 tonnes of gold will be sufficient to trim down Indias current account deficit.
India's CAD -- the gap between inflow and outgo of foreign exchange -- widened to a record high of USD 88 billion or 4.8 percent of the GDP for the fiscal ended March 31, from USD 78.2 billion in 2011-2012, about 4.2 percent of the gross domestic product.
India's wide current-account deficit has been pushing the rupee lower. The rupee today breached the 66-mark against the dollar for the first time in history and quoted at 66.07 Vs dollar.
Source: Govt may use its gold reserves to reduce CAD, hints Anand Sharma
New Delhi: Government may use a portion of the country's gold reserves to reduce Indias widening current deficit, Union Commerce and Industry Minister Anand Sharma has hinted.
The Commerce Minister said that only 500 tonnes of gold will be sufficient to trim down Indias current account deficit.
India's CAD -- the gap between inflow and outgo of foreign exchange -- widened to a record high of USD 88 billion or 4.8 percent of the GDP for the fiscal ended March 31, from USD 78.2 billion in 2011-2012, about 4.2 percent of the gross domestic product.
India's wide current-account deficit has been pushing the rupee lower. The rupee today breached the 66-mark against the dollar for the first time in history and quoted at 66.07 Vs dollar.
Source: Govt may use its gold reserves to reduce CAD, hints Anand Sharma
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