Adding Gold and Silver to discouraged imports

India has finally decided to revert to the tariff rich 80s for relevance of systemic controls on imports as the fisc crept up without much on the oil front . Most global economies are for better or for worse, not even playing with existing surpluses as imports fall faster than exports after Europe as a market shut off. India remianed a hot imports destination adding to the 17% decline in the rupee with imports growing 38% in DEcember. 

the new 6% duty on sliver more than doubles the existing slab tarriff at current prices while gold is also doubled to a $1 per gm in 2% Customs and 1.5% excise. 

The list includes a new 2% duty on polished diamonds. This will likely stop a little bit of the pressure on our revenue deficit but I would not have minded emergency curbs with a slight negative impact on the Export economy in this case, and brought back the Rupee to parity.

The Mac PPP Index put the $1.60 burger on par with the US meal at $4.20 ata  arate of Rs 20 to the Dollar

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