Gold imports increased manifold to $ 24 billion

New Delhi, October 17 (Agency)

The country’s gold imports increased manifold to $24 billion during the first half of the current financial year, April-September, 2021. This information has been received from the data of the Ministry of Commerce. Imports have increased due to the increase in the demand for gold in the country. The import of gold has an impact on the current account deficit (CAD). Gold imports stood at $6.8 billion in the same period last fiscal. Gold imports also increased manifold to $5.11 billion in September this year.

It stood at $6014 million in September 2021. On the other hand, silver imports declined by 15.5 per cent to $619.3 million in April-September.

India is the world’s largest gold importer

India is the world’s largest importer of gold. The country’s trade deficit widened to a record high of $22.6 billion in September due to a significant increase in gold imports. It was $2.96 billion in the same month a year ago.

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