Gold imports must not exceed oil imports: Shah on import duty cut
Kotak Mahindra AMC MD Nilesh Shah urged Finance Minister Nirmala Sitharaman to stay vigilant of any rise in India’s gold imports after Union Budget announced a cut in import duty on gold. “With the [cut], gold imports will rise...It shouldn’t happen that our gold imports start exceeding our oil imports,” Shah said. “We’re importing about $35-40 billion gold,” he added.