India’s wide trade deficit is highlighting a curious government plan to rein in the gap: Getting people to hand over their private stashes of gold jewellery. Modi and his government have been trying to convince gold-obsessed citizens to deposit their treasures with banks and earn interest.
By Shruti Srivastava, Adrija Chatterjee and Anup Roy, India is working out a mechanism to facilitate trade with Russia using local currencies, with a decision expected as early as next week, according to people familiar with the matter.