India’s gold imports, which have a bearing on the country’s current account deficit (CAD), rose by 33.34 per cent to $46.14 bn during 2021-22 fiscal on account of higher demand, as indicated by official data. Gold imports were worth $34.62 bn in the fiscal year 2020-21.
The surge in gold imports during the last monetary year added to the enlarging of the import/export deficit to $192.41 bn, against $102.62 bn of FY 2020-21.
Gold imports in volume terms remained at 842.28 tonnes from April 2021 to February 2022.
India’s current account deficit widened to $23 bn or 2.7 per cent of the GDP in the October-December quarter, according to the RBI data. The current account records the value of exports and imports of goods and services, along with international transfers of capital.
India is the world’s second-biggest gold consumer after China. The imports are largely driven by the jewellery industry. The gems and jewellery exports during 2021-22 grew by about 50 per cent to about $39 bn.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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