Union Finance Minister P Chidambaram today said that the government is considering raising the cost of gold imports, as part of efforts to curb the country's current account deficit, which widened ... more 

Union Finance Minister P Chidambaram today said that the government is considering raising the cost of gold imports, as part of efforts to curb the country's current account deficit, which widened to a record high of 5.4 percent of GDP in the September quarter. Worried by the ballooning deficit, the government in March doubled the import duty on gold to 4 percent. Gold is the biggest contributor to the import bill after crude oil. Addressing mediapersons in New Delhi, Chidambaram said that the government cannot afford to spend excessively on the import of gold. less