Gold imports rose throughout April-December period of 2021New Delhi: India's gold imports doubled to $38 billion throughout April-December duration of the present fiscal owing to higher demand and in the process expanding the trade deficit, information released by Commerce ministry said.The imports had stood at $16.78 billion during the matching duration of in 2015.
In December 2021, imports of rare-earth element increased somewhat to $4.8 billion from $4.5 billion in the year-ago period.The rise in gold imports during the 9 months added to the widening of the trade deficit to $142.44 billion versus $61.38 billion in April-December 2020.
Similarly, silver imports likewise increased to $2 billion during April-December 2021 from $762 million in the same duration of the previous fiscal.India is the world's second-biggest gold customer after China.
The imports primarily take care of the need by the jewellery industry.The gems and jewellery exports throughout the nine-month of the current financial grew by 71 percent to about $29 million.India's current account slipped into a deficit of $9.6 billion or 1.3 percent of GDP in the September quarter, according to the Reserve Bank of India (RBI).