Indian government will review curbs on gold imports in consultation with the Reserve Bank of India (RBI), finance minister Mr. P Chidambaram declared in a news conference on Monday.
India, which used to be the No. 1 buyer of gold before the government slapped a record 10 per cent import tax and put in place other restrictions to narrow the widening trade deficit, has recently allowed five private banks to import the yellow metal.
India’s infrastructure sector output rose 4.5 per cent year-on-year in February, mainly driven by higher electricity, oil refining and steel production, government data showed on Monday. The sector grew 1.6 per cent year-on-year in January.
In the first 11 months of the current fiscal year, the output grew an annual 2.6 per cent, the data showed.
The infrastructure sector, which comprises coal, crude oil, oil refining, natural gas, steel, cement, electricity and fertilizers, accounts for 37.9 per cent of India’s industrial output.