New Delhi : Gold imports witnessed a fall of 30.5 per cent to $15.74 billion in April-November of the current fiscal, which is expected to keep a lid on the current account deficit.
Total imports of the precious metal in the corresponding period of 2015-16 stood at $ 22.64 billion. Softening prices of the precious metal globally as well as locally are seen to be at work. However, gold imports grew for the second straight month in November by rising 23.24 per cent to USD 4.36 billion, according to the commerce ministry data. Inward shipment had seen fall till September since February this year. It recorded a positive growth in October and last month, reports PTI.
The increase in gold imports pushed the trade deficit to about two-year high of $ 13 billion in November from $ 10.33 billion in the same month last year. India is one of the largest gold importers in the world and the imports mainly take care of demand from the jewellery industry.
For the full year of 2015-16, CAD stood at $ 22.1 billion, or 1.1 per cent of GDP, as against $ 26.8 billion, or 1.3 per cent, in 2014-15. In volume terms, the country’s total official gold imports declined to 60 tonnes in April-July of this fiscal, much lower than 250 tonnes in the year-ago period. India imported 650 tonnes of gold in 2015-16.
