New Delhi; Gold imports to India surged by 33.34% $ 46.14 billion during the 2021-22 fiscal year. The higher demand of yellow metal in the Indian market has led to this. In 2020-21, gold imports to the country were at $ 34.62 billion.
According to the data released by the Reserve bank of India (RBI), India’s trade deficit is widening due to the increased gold imports. Trade deficits are the difference between how much a country imports and how much it exports. During the last financial year, the surge in gold imports contributed to the widening of the trade deficit to $ 192.41 billion, against $ 102.62 billion in 2020-21.
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India’s current account deficit widened to $ 23 billion or 2.7% of the GDP in the October-December quarter. The current account records the value of exports and imports of goods and services, along with international capital transfers.
India is the world’s second-biggest gold consumer after China. Gold imports in volume terms stood at 842.28 tonnes from April 2021 – to February 2022.
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