Anand Sharma urges some easing in gold import curbs

The Union Trade Minister said on Tuesday he had taken up with the finance ministry the issue of easing some curbs on gold imports imposed last year to narrow the current account deficit.

"We have to have a balance. Over-regulation, too much of tariffs, lead to another problem ... of smuggling," Trade Minister Anand Sharma told a news conference.

"We have to ensure adequate availability of gold for the gems and jewellery industry, which is a very important sector for our exports."

Also Read: Gold price may rise to $1,400/oz near term, says SocGenHe also launched a broadside against the United States, accusing Washington of trade protectionism and making it hard for Indian nationals to obtain US visas.

Sharma, speaking at a news briefing, also said that India's patent law was compliant with the rules of the World Trade Organisation. India would not agree to tougher rules on protecting intellectual property, he added.

"There are issues which India has raised where we feel there is very high and unacceptable protectionism," he told reporters in New Delhi. He also said Washington made it too hard for Indian nationals to obtain US visas.

He also said he hoped the government would soon consider a proposal to allow foreign direct investment in India's railways.

The proposal, first aired in January, would seek to unblock infrastructure bottlenecks on the railway network. It would allow foreign investors to fully own new suburban services, high-speed tracks and connections to ports, mines and power stations, sources said at the time.