India’s gold imports in value terms touched shot up to $15 billion in the first two months of this fiscal, Commerce and Industry Minister Anand Sharma has said.
This has pushed policymakers into a tight spot as they struggle to keep a tight leash on the current account deficit.
“Indians have an insatiable appetite for gold. But the real question we should ask ourselves is can we afford this?” Sharma said at the CFO awards event jointly organised by YES Bank and a business magazine.
India’s gold and silver imports in April this year stood at $7.5 billion, substantially higher than the $3.1 billion imported in April 2012.
If the trend seen in April-May continues in the remaining part of the current fiscal, India’s gold imports would touch a record $90 billion this fiscal.
Sharma indicated that some more corrective measures would be initiated by the Government. “We will ensure that gold is imported for only actual users, not for trading,” he said.
India imported 162 tonnes of gold in April. The World Gold Council expects total gold imports into India during April-June at 300-400 tonnes.
Award
Rajiv Tandon, Chief Financial Officer of ITC Ltd, was adjudged as the ‘Best CFO with all round exemplary performance’.
Later, Amit Kumar, Group President & Country Head, Corporate & Institutional Banking, YES Bank, pointed out that the CFO’s role is increasingly becoming strategic.
“A CFO is at the centre of execution strategy of a corporate. His role has evolved from being controller of finance and accounts earlier to driving strategy of the corporate, be it organic or inorganic,” Kumar said.