Monday, Jun 01, 2020 | Last Update : 07:17 PM IST

69th Day Of Lockdown

Maharashtra65168280812197 Tamil Nadu2024611313157 Delhi173877846398 Gujarat1635692321007 Rajasthan83654855184 Madhya Pradesh78914444343 Uttar Pradesh77014651213 West Bengal48131775302 Andhra Pradesh3461228960 Bihar3359120915 Karnataka292299749 Telangana2499141277 Jammu and Kashmir234190828 Punjab2197194942 Odisha17239779 Haryana172194019 Kerala120957510 Assam9361044 Uttarakhand493794 Jharkhand4621914 Chhatisgarh4471021 Chandigarh2891994 Tripura2711720 Himachal Pradesh223634 Goa70420 Manipur6060 Puducherry57230 Nagaland3600 Meghalaya27121 Arunachal Pradesh310 Mizoram110 Sikkim100

Gold imports dip 9 per cent during Apr-Oct

PTI
Published : Nov 24, 2019, 4:32 pm IST
Updated : Nov 24, 2019, 4:32 pm IST

Dip in gold imports has helped in narrowing the country's trade deficit to USD 94.72 billion during Apr-Oct 2019-20.

India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. (Photo: Representational)
 India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. (Photo: Representational)

New Delhi: India's gold imports, which have a bearing on the current account deficit (CAD), dipped 9 per cent to USD 17.63 billion (about Rs 1.25 lakh crore) during April-October period of the current fiscal, according to Commerce Ministry data.

Imports of the yellow metal stood at USD 19.4 billion in the same period of 2018-19.

Dip in gold imports has helped in narrowing the country's trade deficit to USD 94.72 billion during April-October period of 2019-20 as against USD 116.15 billion in the same period of previous fiscal.

Gold imports had been recording a negative growth since July this year. However, it grew by about 5 per cent to USD 1.84 billion in October.

India is the largest importer of gold, which mainly caters to the demand of the jewellery industry.

In volume terms, the country imports 800-900 tonnes of gold annually.

To mitigate the negative impact of gold imports on trade deficit and CAD, the government increased the import duty on gold to 12.5 per cent from 10 per cent in this year's Budget.

According to industry experts, businesses in the sector are shifting their manufacturing bases to neighbouring countries due to high duty.

The Gems and Jewellery Export Promotion Council (GJEPC) had asked for a cut in import duty to 4 per cent.

Gems and jewellery exports declined by about 2 per cent to USD 18.3 billion in April-October this fiscal.

The country's gold imports dipped about 3 per cent in value terms to USD 32.8 billion during 2018-19.

Tags: gold, gold imports, current account deficit, bullion, jewellery, jewellers
Location: India, Delhi, New Delhi
ADVERTISEMENT
ADVERTISEMENT