India has imported 560.32 tonnes of gold during April-January period of the current fiscal. As per information provided by Minister of State for Finance Arjun Ram Meghwal, the imports of gold aggregated to 968.06 tonnes in the entire 2015-16 fiscal and 915.47 tonnes in 2014-15.
According to the provisional data of the Commerce Ministry, India’s gold imports fell by about 32.7% to $19.74 billion during the April-January period of 2016-17. Gold imports dipped by about 30% to $2.04 billion in January as against $2.91 billion in the same month last year. The contraction in imports helped in narrow the trade deficit to $86.38 billion in April-January period as against $107.74 billion in the same period previous year.
India is among the largest importers of gold which mainly takes care of demand from jewellers.
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