India’s gold imports rose 73 per cent to $45.1 billion during the April-February period of the current financial year owing to higher demand, according to data released by commerce ministry.
The imports had stood at $26.11 billion in April-February period of 2021. Gold imports have a bearing on the country’s current account deficit.
In February 2022 though, imports of the yellow metal slid by 11.45 per cent to $4.7 billion, commerce ministry said.
The surge in gold imports during the 11-month period contributed to the widening of the trade deficit to $176 billion, against $89 billion in April-February 2021.
India is the world’s second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry.