Gold Imports Surge Five-fold To $3.75 Billion In September
AdvertisementOn account of the ongoing festive season in India,
Notably, the high imports have pushed up the country's trade deficit to about 18-month high of $14.2 billion in the month under review.
After the government had imposed restrictions on inbound shipments of the precious metal to narrow the Current Account Deficit (
In 2012-13, India's CAD touched a historic high of 4.8% of
However, it came down sharply to 1.7% of GDP in the April-June quarter of this fiscal due to decline in gold imports.
The new government at the Centre had increased customs duty on gold to 10% and banned import of gold coins and medallions. India is the largest importer of gold, which is mainly utilised to meet the demand of the jewellery industry.
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