Gold imports hit $45bn till February in FY22 – Times of India

NEW DELHI: India’s gold imports, which have a bearing on the nation’s present account deficit (CAD), surged by about 73% to $45.1 billion throughout April-February this fiscal on account of upper demand, in accordance with official information. The imports stood at $26.1 billion in April-February 2021.
In February 2022, nonetheless, imports of the valuable metallic dipped by 11.5% to $4.7 billion, in accordance with the information by the commerce ministry. The surge in gold imports throughout the 11-month interval contributed to the widening of the commerce deficit to $176 billion, towards $89 billion in April-February 2021.
India is the world’s second-biggest gold shopper after China. The imports primarily maintain the demand by the jewellery industry. The gems and jewellery exports throughout the first 9 months of the present fiscal grew by 57.5% to $35.3 billion. India’s present account slipped right into a deficit of $9.6 billion, or 1.3% of GDP, within the September quarter, in accordance with the RBI. The present account was in surplus each within the quarter-ago and year-ago durations.

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