Business Standard

Gold duty hike tackles symptom, not cause: Nomura

Gold imports are likely to ease to $44 billion in 2013-14 from an estimated $48.3 billion in 2012-13 in value terms

Related News

The government's move to hike gold import tax will only shift gold shipments to 'unofficial channels', said Nomura.

"Therefore, in our view imposing import duty tackles the symptom, not the cause," said in a note.

Gold imports are likely to ease to $44 billion in 2013-14 from an estimated $48.3 billion in 2012-13 in value terms, marking a 0.2 percentage point drop, Nomura estimates.

Nomura says current account deficit could moderate to 4.3% of in FY14 from an estimated 4.9% in FY13, "remaining above sustainable levels," due to high oil prices and continued domestic supply-side constraints that boost imports.

Read more on:   
|
|

Read More

Gems & jewellery exports fall 17% in 2012

Rupee depreciation protects decline, exports to rise 15-20% next financial yearIndias gems and jewellery (G&J) exports declined 17.09 per cent in ...

Quick Links

 

Market News

Marksans Pharma surges on strong Q2 results

The stock rallied 6% to Rs 64 on NSE after reporting 56% yoy growth in net profit at Rs 31 crore in September quarter.

Markets continue winning streak; Sensex up 400 points

The 30-share Sensex is up 412 points at 27,758 and the 50-share Nifty has gained 119 points to trade at 8,288.

Copper down 0.2% on weak global cues

Metal for delivery in November shed 0.14%

Silver down 0.6% on weak global trend

Weak trend trend overseas, eroding demand for the precious metals, pulled down silver prices

Lead up 0.2% on spot demand, short-covering

Market analysts said besides better demand in spot market, covering-up of short positions by speculators, supported the upside

Back to Top