indiabusinessview (https://indiabusinessview.com/tag/gold/)
India’s stock markets crashed by 769 points on August 16, as investors reacted to good news in the US and bad news at home. Stock markets fell and the rupee has crossed the Rs 62-mark, as the RBI’s capital control and gold import restriction measures appear to have caused panic.
The Indian government took yet another step to limit the imports of gold and silver, to counter the country’s widening current account deficit. Gold is an asset that may be viewed as being unproductive by some but Indians have traditionally viewed them as a safe investment and a coveted accessory. That has created a headache for India as the imports of precious metals is putting a big burden on the economy.