New Delhi – India’s new finance minister Mr. Arun Jaitley has assured that the high price of gold in India is bound to come down as the economy is slowly coming back on track and the expected growth rate for 2015 is close to 6.4%, and that is a significant improvement compared to growth we have seen in past 3-4 years under UPA government.
Address the media in the capital Arun Jaitley said, “We have been monitoring gold commodity and have taken some tough decision related to import of gold from our ally countries and we are sure that coming this festive season you will see gold prices will come down.”
On the other side he also assured that proper measures are being taken by the government to cut down gold imports and find a competent solution to use banks’ gold reserves so that we can control the current account deficit as well.
Gold price in India has been on a decline from last couple of month due to low regional demand and oversupply of gold available in the market. But it will be interesting to see how the market reacts to these announcements made by the finance minister. Earlier also, the finance and commerce ministry issued an advisory to control gold rates, but so far it has not delivered just like other commodities.