India imports gold and oil
The current account deficit is due pretty much to India's thirst for oil and gold: fuelled by the distrust that most Indians have of the so-called Indian "industrialists". For many, the Indian elite represent robber barons who have successfully stolen their savings - ably supported by the financial firms with well-established credentials in global markets. Indians yearn for gold since IPOs and corporate bonds have been unreliable.
Graph 2: Current Account Deficit - excluding imports of oil and gold -
is steady at a surplus of 3% to GDP
The current account deficit is due pretty much to India's thirst for oil and gold: fuelled by the distrust that most Indians have of the so-called Indian "industrialists". For many, the Indian elite represent robber barons who have successfully stolen their savings - ably supported by the financial firms with well-established credentials in global markets. Indians yearn for gold since IPOs and corporate bonds have been unreliable.
is steady at a surplus of 3% to GDP
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| Source: RBI, Bloomberg |
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