gold imports: 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 through the 2021-22 fiscal on account of upper demand, in line with official knowledge.

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

The surge in gold imports over the last monetary yr 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 client after China. The imports are largely pushed by the jewelry business. The gems and jewelry exports throughout 2021-22 grew by about 50 per cent to about $39 billion.

India’s present account deficit widened to $23 billion or 2.7 per cent of the GDP within the October-December quarter, in line with the RBI knowledge. The present account information the worth of exports and imports of products and companies, together with worldwide transfers of capital.

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