India’s gold imports fall 24% to $35 billion in 2022-23

08 May 2023 Evaluate

The commerce ministry in its latest data has showed that gold imports of India, which have a bearing on the current account deficit, dipped 24.15 per cent to $35 billion in 2022-23 as compared to $46.2 billion in 2021-22 due to global economic uncertainties. 

The data showed that the growth rate in the imports was in the negative zone during August 2022 to February this year (2023). It jumped to $3.3 billion in March 2023 as against $1 billion in the year-ago month. The country is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually. 

However, silver imports rose 6.12 per cent to $5.29 billion during the last fiscal. Meanwhile, gems and jewellery exports declined by 3 per cent to about $38 billion during 2022-23. Last year, the Centre hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD).

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