India’s gold imports stood $13.35 billion during the April-July period of the current fiscal. According to the data of the commerce ministry, gold imports, which has bearing on the country’s current account deficit (CAD), stood at $4.97 billion in April-July 2016-17.
In July this year, imports of the precious metal rose to $2.10 billion from $1.07 billion in the same month of the previous year. Surge in gold imports in July contributed to the widening of trade deficit to $11.44 billion as against $7.76 billion in July 2016.
At present, gold import attracts 10% duty. The gems and jewellery industry along with the commerce ministry have time and again urged the finance ministry to consider a cut in the import duty.