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HomeBusinessJump In Gold Imports By A Third To $46.14 Billion In 2021-22

Jump In Gold Imports By A Third To $46.14 Billion In 2021-22

Gold imports surge to $46.14 bn in 2021-22

New Delhi:

India’s gold imports, which have a bearing on the nation’s present account deficit (CAD), rose by 33.34 per cent to $46.14 billion throughout the 2021-22 fiscal on greater demand, based on official knowledge.

Gold imports had been value $34.62 billion in 2020-21.

During the final monetary 12 months, the surge in gold imports contributed to the widening of the commerce deficit to $192.41 billion, towards $102.62 billion in 2020-21.

India is the world’s second-biggest gold shopper after China. The jewelry business primarily drives imports. The gems and jewelry exports throughout 2021-22 grew by about 50 per cent to about $39 billion.

According to the RBI knowledge, India’s present account deficit widened to $23 billion or 2.7 per cent of the GDP within the October-December quarter.

The present account information the worth of exports and imports of products and companies, together with worldwide capital transfers.

Gold imports in quantity phrases stood at 842.28 tonnes from April 2021 – to February 2022.

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