Gold imports which has a bearing on the country’s current account deficit (CAD), recorded a three-fold jump to $15.24 billion during the April-August period of the current fiscal. The country’s gold imports stood at $5.08 billion in April-August period of 2016-17.
Surge in gold imports last month contributed to the widening of trade deficit to $11.64 billion as against $7.7 billion in August 2016. The imports of the precious metal rose to $1.88 billion in August this year compared to $1.11 billion in the same month of the previous fiscal.
Going further, the imports are expected to increase on account of the forthcoming festival season, which will start from the end of this month.