India’s gold imports fell by 40.31% to $2.49 billion in March, which is expected to keep a lid on the current account deficit (CAD). According to data compiled by Commerce Ministry, the total imports of the precious metal in the corresponding period of 2016-17 stood at $4.17 billion.
The softening prices of the precious metal in the global markets could be the reason for the decline in the value of imports. The imports had recorded negative growth in January and February as well.
India is one of the largest gold importers in the world and the shipments mainly take care of the jewellery industry demand.