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New Delhi: Gold imports, which have a bearing on the country’s current account deficit (CAD), fell 3.3% to $26.11 billion during April-February 2020-21, according to the commerce ministry data. Imports of the yellow metal stood at $27 billion in April-February 2019-20.
The decline in gold imports has helped in narrowing the country’s trade deficit to $84.62 billion during the 11-month of the current fiscal, as against $151.37 billion a year ago.
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually.
To promote the export sector, the government has reduced the import duty in this Budget on the metal to 7.5%.
However, it also attracts agriculture infrastructure and development cess at the rate of 2.5%. Gems and jewellery exports declined 33.86% to $22.40 billion in April-February 2020-21.
The imports of gold jumped to $5.3 billion in February as compared to $2.36 billion in the same month last year, the data showed.
Silver imports during the 11 months have dipped by 70.3% to $780.75 million.