DelhiDesk India’s gold imports are expected to decline by 24.15% to $35 billion in the financial year 2022-23 due to global economic uncertainties, according to data from the Ministry of Commerce. The country imported about 600 tonnes of gold between April 2022 and January 2023, with experts blaming high import duty on gold and global economic uncertainties for the decline. However, even with a substantial decline in gold imports, India’s trade deficit is projected to be $267 billion in the financial year 2022-23. India is the world’s largest importer of gold, which mainly meets the demand of the jewellery industry.
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Here is the news bullets sorted by DelhiBreakings.com team.
– India’s gold imports to decline by 24.15% to $35 billion in 2022-23 due to global economic uncertainties
– Rate of growth of gold imports has been negative during August 2022 to February 2023, but increased to $3.3 billion in March 2023
– Silver imports increased by 6.12% to $5.29 billion during the last financial year
– High import duty on gold and global economic uncertainties have led to a decline in the import of the metal
– India imported about 600 tonnes of gold during April to January 2023 due to high import duty
– India is the largest importer of gold, mainly for the jewelry industry
– Gems and jewelry exports to decline by 3% to around $38 billion during the financial year 2022-23
– Import duty on gold was increased from 10.76% to 15% last year to check the account deficit run by the central government
– Gold rate touched the sky in the share market, providing chances of earning more and good returns
– Record rise in gold rate, crossed Rs 61,000 for the first time
– Gold became costlier by Rs 1000, silver rose by Rs 3000
– Gold rate continues to soar, creating a new record of speed
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