India's gold imports, which have a bearing on the current account deficit, fell about 30% to $31.8 billion during April-February 2023 due to high customs duty and global economic uncertainties, according to data from the commerce ministry.* Imports of the yellow metal stood at $45.2 billion in the corresponding period of 2021-22.* The imports are in the negative zone since August 2022.* Silver imports, however, rose by 66% to $5.3 billion during April-February 2023.* The significant fall in gold imports though has not helped in narrowing the country's trade deficit -- the difference between imports and exports. The merchandise trade deficit for April-February 2022-23 was estimated at $247.52 billion against $172.53 billion in the year-ago period.* According to industry experts, high import duty on gold and global economic uncertainties are the reason for the dip in the imports of the precious metal.* "India imported about 600 tonnes of gold during April-January 2023, and it is down because of high import duty. The government should take a view on the duty part to help domestic industry and push exports," former GJEPC chairman and managing director of Kama Jewelry Colin Shah said..Source : The Hindu
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