The Minister doesn't have to worry, the Indian gold market is already in tatters:
'Additional negative news for gold (on the physical front) came once again from India. The world’s largest source of gold offtake is seen as experiencing a 50% decline in gold imports for the current month and a notable 32.4% fall-off in its fiscal year 2011-2012 demand for the precious metal. Only 655 tonnes of bullion made their way into India during the aforementioned period, as opposed to a reported 969 tonnes last fiscal year. The first quarter of this year saw a 68% slump in gold imports. On the current quarter, the country’s gold offtake dropped by 29% to just under 208 tonnes.'
