Gold Imports Surge Two-Folds To $38 Billion In April-December 2021

New Delhi: India's gold imports doubled to $38 billion throughout April-December interval of the present fiscal owing to increased demand and within the course of widening the commerce deficit, knowledge launched by Commerce ministry mentioned.The imports had stood at $16.78 billion in the course of the corresponding interval of final yr. In December 2021, imports of valuable metallic rose barely to $4.8 billion from $4.5 billion within the year-ago interval.The surge in gold imports in the course of the 9 months contributed to the widening of the commerce deficit to $142.44 billion towards $61.38 billion in April-December 2020.Similarly, silver imports additionally elevated to $2 billion throughout April-December 2021 from $762 million in the identical interval of the earlier fiscal.India is the world's second-biggest gold shopper after China. The imports primarily deal with the demand by the jewelry trade.The gems and jewelry exports in the course of the nine-month of the present fiscal grew by 71 per cent to about $29 million.India's present account slipped right into a deficit of $9.6 billion or 1.3 per cent of GDP within the September quarter, in line with the Reserve Bank of India (RBI).