Finance Minister Chidambaram said today that curbs on gold imports would only be revisited after current-account data for the full fiscal year ending March 31 is released. In a budget speech last month, he said the gap would be $45 billion for the financial year, compared with a record of $88 billion in the previous year.
The current-account deficit from April to December narrowed to $31.1 billion, compared with $69.8 billion a year ago, the RBI said today. The narrower shortfall last quarter was driven by a decline in the trade deficit as merchandise exports picked up and imports moderated, particularly gold purchases, the RBI said.
The trade shortfall shrank to $9.91 billion in January from $10.1 billion the previous month. Exports rose 3.8 percent and imports fell 18 percent, the biggest drop since September.
The current-account deficit from April to December narrowed to $31.1 billion, compared with $69.8 billion a year ago, the RBI said today. The narrower shortfall last quarter was driven by a decline in the trade deficit as merchandise exports picked up and imports moderated, particularly gold purchases, the RBI said.
The trade shortfall shrank to $9.91 billion in January from $10.1 billion the previous month. Exports rose 3.8 percent and imports fell 18 percent, the biggest drop since September.