New Delhi: Data released by the Union Ministry of Commerce and Industry revealed that the gold imports of the country rose by 73% to $45.1 billion during the April-February period of the current financial year. 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, the gold imports slipped down by 11.45% to $4.7 billion. As per the data, 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.
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India is the world’s second-biggest gold consumer after China. The gems and jewellery exports during the first nine months of the current fiscal grew by 57.5% to $35.25 billion.
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