INDIA: Good Difficulties

Village bazaars in Bengal and the Punjab were jampacked last week with farm women on a gold-buying spree—gold rings for their noses, gold bracelets for their ankles. In Bombay, betel-nut-chewing brokers in multicolored turbans jammed the city's bullion exchange, traded up to $50 million worth of gold daily. The nationwide gold rush heralded no sudden influx of wealth to the world's second most populous nation; on the contrary, it was proof that even the village folk knew their country was in serious economic difficulties, and that confidence in the Indian rupee was declining...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!