India's golden problem

May 28, 2013 15:57

The legendary Indian obsession with purchasing gold has been passed down for generations. Families purchase gold on auspicious religious occasions and, in larger quantities, for weddings. It forms a significant part of savings, particularly in rural areas, and is often passed down as inheritance. Today, however, it is also being credited as one of the main reasons for India's spiraling current account deficit, which has widened to a record 6.7% of gross domestic product in the latest period. Read more

Also see: Former RBI deputy governor Subir Gokarn on how to save India's economy.

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