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However, the imports of gold jumped to $5.3 bn in February as compared to $2.36 billion in the same month last year, the data showed.
The decline in gold imports has helped in narrowing the country's trade deficit to $84.62 bn during the 11-month of the current fiscal, as against $151.37 bn a year ago. The Indian government has reduced the import duty in this Union Budget on the metal to 7.5 per cent.
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.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
