India’s gold imports rose 73 per cent to $45.1 billion during April-February period of current fiscal
New Delhi:
India’s gold imports rose 73 per cent to $45.1 billion during the April-February period of the current financial year owing to higher demand, according to data released by commerce ministry.
The imports had stood at $26.11 billion in April-February period of 2021. Gold imports have a bearing on the country’s current account deficit.
In February 2022 though, imports of the yellow metal slid by 11.45 per cent to $4.7 billion, commerce ministry said.
The surge in gold imports during the 11-month period contributed to the widening of the trade deficit to $176 billion, against $89 billion in April-February 2021.
India is the world’s second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry.
The gems and jewellery exports during the first nine months of the current fiscal grew by 57.5 per cent to $35.25 billion.
India’s current account slipped into a deficit of $9.6 billion or 1.3 per cent of GDP in the September quarter, according to the Reserve Bank of India (RBI).
The current account, which records the value of exports and imports of goods and services, along with international transfers of capital, was in surplus both in the quarter-ago and year-ago periods.
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