India to Scale Back Silver Imports

Bloomberg reported that India plans to curb imports, including silver, in an effort to trim their record deficit.

As quoted in the market report:

Imports of gold, silver and some non-essential items, as well as demand for crude oil, would be compressed under the plans, Finance Minister Palaniappan Chidambaram said in parliament in New Delhi today. Industrial production fell 2.2 percent in June from a year earlier, while consumer prices rose 9.64 percent year-on-year in July, government reports showed.

To view the whole Bloomberg report, click here.