COMMODITY
Gold imports decline by 3% to $32.8 billion in 2018-19
Apr-22-2019

India, one of the largest gold importers in the world, has reported fall in gold imports by around 3% to $32.8 billion in 2018-19, while last year same period total imports of the precious metal stood at $33.7 billion. Easing trend of the overseas bullion rates is stated as the reason for the contraction in the value of imports.

The country had marked negative growth in its imports in February, while it grew in March. The current account deficit (CAD), widened to 2.5% of gross domestic product (GDP) in the third quarter of the fiscal, against last year same period's 2.1%, mainly due to a large trade deficit.

The government had introduced several measures to restrict the import of gold. Import of the yellow metal attracts 10% duty. The domestic jewelry industry always demands a cut in the duty and relaxation of other import norms for increasing availability of the yellow metal to boost jewelry exports.

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