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Tuesday, August 13, 2013

P. Chidambaram Speaks: Shielding Rupee by Controlling Gold, Electronic Goods Imports!

Third set of measures to contain draining of Indian currency has been plugged in. P. Chidambaram has announced protection of rupee by controlling gold and electronic goods import. What’s the new target of India for Current Account Deficit? The Indian Government has announced a current account deficit of 3.75% for 2013-2014. This is much lower than the last year’s CAD of 4.8%. As the Indian rupee has been found plummeting and has touched the low turf of 61, the government has chalked down a multitude of ways of luring capital inflows. This update was done was the Finance Minister P. Chidambaram. These changes were brought yesterday. And it seems that even they could not aid in the growth of rupee as the currency has been trading low even today. It is nearing a record low of 61.66. What’s the look now? It seems the government is revamping the golden arena and electronic goods for the time being. Earlier, it had increased customs duty on gold to contain imports. The basic thought b

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