India Gold imports plunge to $27.4 billion

INDIA May 31 2017 3:48 PM
MUMBAI (Scrap Register): With the current account deficit, Indian Gold imports during 2016-17 have declined to about $27.4 billion a decrease of about 13.5 percent. Total gold imports during 2015-16 was seen at $31.7 billion, according to the ministry data.

The main reason believed for the decline in the imports is the decline in the Gold prices in the domestic and global market. The declined imports helped to lower the trade deficit to $105.7 billion in the last financial year when compared to $118.7 billion in 2015-16.

Even though the imports have decline, when it is compared with the month-on-month basis, imports have increased to $4.17 billion in March when compared to $974 million in the same month previous year.

During April-January period of the last fiscal, the country's gold imports was seen at 560.32 tons. At present the import duty imposed for gold is only 10 percent.