new Delhi:
According to data released by the commerce ministry, India’s gold imports grew 73 per cent to $45.1 billion during the April-February period of the current fiscal.
Imports stood at $26.11 billion in the April-February period of 2021. Import of gold affects the current account deficit of the country.
However, imports of the yellow metal declined by 11.45 per cent to $4.7 billion in February 2022, the commerce ministry said.
The increase in gold imports during the 11-month period contributed to widening the trade deficit to $176 billion as against $89 billion in April-February 2021.
India is the second largest consumer of gold in the world after China. Imports mainly meet the demand of the jewelery industry.
Gems and jewelery exports grew by 57.5 per cent to $35.25 billion during the first nine months of the current fiscal.
According to the Reserve Bank of India (RBI), India’s current account slipped into a deficit of $9.6 billion, or 1.3 per cent of GDP, in the September quarter.
The current account, which records the value of international transfers of capital as well as exports and imports of goods and services, was in surplus in both the quarter-ago and year-ago periods.