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Curb oil and gold imports: Economic Survey

Source : IANS
Last Updated: Wed, Feb 27, 2013 08:50 hrs
Gold Bullion from the American Precious Metals Exchange (APMEX) is seen in New York

 A day ahead of the national budget, a major report card on the economy and policy prescription has called for curbs on import of gold and crude oil by making their prices more market determined. It also wants policy action to bridge the widening trade imbalance.

The Economic Survey 2012-13 Finance Minister P. Chidambaram presented in the Lok Sabha Wednesday said that as the room to increase exports in the short-run was limited, the main focus had to be on curbing imports.

"Aligning domestic energy prices with the global prices, especially when large imports are involved, may be ideal option as misalignment could pose both micro- and macroeconomic problems," said the Survey, authored by Chief Economic Advisor Raghuram Rangarajan.




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