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India's gold imports rise by 33% to $46.14 billion in FY22 on higher demand

11 Apr 2022 Evaluate

India's gold imports, which have a bearing on the country's current account deficit (CAD), rose by 33.34 per cent to $46.14 billion during the 2021-22 (FY22) fiscal as compared to $34.62 billion in 2020-21. The rise was on account of higher demand.

The surge in gold imports during the last financial year contributed to the widening of the trade deficit to $192.41 billion, against $102.62 billion in 2020-21. Gold imports in volume terms stood at 842.28 tonnes in April 2021 - February 2022.

India is the world's second-biggest gold consumer after China. The imports are largely driven by the jewellery industry. The gems and jewellery exports during 2021-22 grew by about 50 per cent to about $39 billion.

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