Gold Imports

India's gold imports, which have a bearing on the current account deficit, fell about 30 per cent to USD 31.8 billion during April-February 2023 due to high customs duty and global economic uncertainties, according to data from the commerce ministry. Imports of the yellow metal stood at USD 45.2 billion in the corresponding period of 2021-22. The imports are in the negative zone since August 2022. Silver imports, however, rose by 66 per cent to USD 5.3 billion during April-February 2023. The significant fall in gold imports though has not helped in narrowing the country's trade deficit -- the difference between imports and exports. The merchandise trade deficit for April-February 2022-23 was estimated at USD 247.52 billion against USD 172.53 Billion in the year-ago period. According to industry experts, high import duty on gold and global economic uncertainties are the reason for the dip in the imports of the precious metal. "India imported about 600 tonnes of gold during ...

India did not slash the import duty on gold in its budget presented on Feb. 1 but raised the import duty on silver

The effective duty on gold is currently 18.45%, which includes 12.5% import duty, 2.5% agriculture infrastructure development cess and other taxes

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Amid rising risks to external demand, the government is concerned about widening trade deficit, bringing the focus back on curbing non-essential imports

The drop in imports could help in bringing down India's trade deficit and support the rupee

The remarks came against the backdrop of a substantial quantity of gold seized between April last year and March this year

In Mumbai, the yellow metal is going at a discount of $7-10 per ounce while in Ahmedabad it is $7

The imports stood at USD 12 billion during the same period a year ago

Quite low in the pecking order of inbound consignments at one point, the fossil fuel today accounts for a third of the value of crude entering the country

In value terms, May imports surged to $5.83 billion from $678 million a year ago

The RBI on Wednesday came up with norms for facilitating physical import of gold through India International Bullion Exchange IFSC (IIBX) or similar authorised exchange by Qualified Jewellers

The import of toys, games, sports equipment from China is showing a declining trend

India's gold imports, which have a bearing on the country's current account deficit (CAD), surged by about 73 per cent to $45.1 billion during April-February this fiscal on account of higher demand

A recovery in consumer confidence and a retreat in gold prices from last year's peak are likely to further bolster demand

About 2.5 million ceremonies are estimated to have taken place since mid-November, around a quarter of this year's expected annual total.

The Centre's fiscal deficit touched just 35 per cent of the Budget Estimates in the first six months of 2021-22

The imports, it said, picked up in August which recorded the second-highest gold imports of 118.08 tonnes

Gold imports, which have a bearing on the current account deficit, zoomed to about USD 24 billion during April-September 2021 due to higher demand in the country,

The trade deficit in September was at $22.94 billion as gold imports jumped nearly 750 per cent to $5.11 billion