From baubles to bars, India’s thirst for gold drains economy
Posted: February 24, 2013 at 2:48 a.m.
In this Thursday, Feb. 14, 2013 photo, an Indian woman looks into a mirror as she tries out gold jewelry at a shop in Mumbai, India. Nowadays, India is by far the world's biggest buyer of gold, which despite its rising value, is an increasing drain on an economy that is growing too slowly to reduce widespread poverty. Last year Indians imported 864 tons of gold, about one fifth of world sales. The cost of 2.5 trillion rupees ($45 billion) was second only to India's bill for oil imports. The unquenchable appetite for gold coins, bars and jewelry has swelled India's trade deficit and weakened its currency, making crucial imports such as fuel more expensive. (AP Photo/Rajanish Kakade)
India’s steep new tax on gold imports doesn’t deter Mousumi Rao as she holds up a glittering $5,000 filigree necklace that could adorn her daughter on her wedding day.
This story is only available from our archives.
Business, Pages 67 on 02/24/2013
(Advertisement)
« Previous Story
LaHarpe’s Landing may bring old warehouse dis...
LaHarpe is a name as old as Little Rock. No, older. Read »
Comments
To report abuse or misuse of this area please hit the "Suggest Removal" link in the comment to alert our online managers. Please read our comment policy.
Use the comment form below to begin a discussion about this content.
Registration is required to make comments. Click here to LOGIN.
You can register for FREE to post comments and receive alerts.