Monetizing gold will help economy recover, says commerce minister

Written By Unknown on Sabtu, 31 Agustus 2013 | 22.23

MUMBAI: Semantics aside, the prospect of India mortgaging her gold reserves to curb current account deficit is a step closer to reality.

Commerce minister Anand Sharma has reiterated that "even if India considers monetizing a part of its declared gold reserve, it can go a long way in powering the economy".

He said that monetizing gold was "one of the options", he did not "advocate" auctioning or mortgaging gold.

Sharma was addressing exporters in Mumbai on Saturday after inaugurating the office of the Federation of Indian Export Organization (FIEO) in Andheri.

He defended the government's move to curb gold imports to address the current account deficit. "We import oil. Since it is an energy requirement, we have little scope to reduce imports. So we need to look at other options," he said.

Joblessness looms large as well with GDP growth at an all-time low of 4.4% since 2009. "Regardless of the GDP numbers released Friday I am confident that India's GDP growth will not be less than 5.5% this year," the minister claimed.

"Every percentage drop in GDP threatens 3 million jobs. India simply cannot afford to grow at a slower rate."

Industry is keenly awaiting a road map towards this miraculous recovery.


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