India’s trade deficit rose to $10.55 billion in October after narrowing to two-and-a-half-year low of $6.7 billion in the previous month as purchases of gold and silver picked up ahead of the festive season, government data showed Monday.
The value of gold imports jumped to $1.37 billion in October as compared to $800 million in the previous month. India celebrates a slew of festivals in October and November, that traditionally pushes up the demands for precious metals.
In the recent months the government has taken a slew of measures including a sharp increase in duties to curb gold and silver imports.
Addressing a media briefing here, Commerce Secretary S.R. Rao said the government’s efforts have yielded results.