India’s gold imports stood at $46 billion in the last financial year. It registered a growth of 34 per cent on a yearly basis. India is the second largest gold consumer in the world after China. On an annual basis, it imports around 800 tonnes of gold.
India is not only crude oil (Crude Oil) Rather also a big importer of gold ,India Gold Import) is. India is the largest consumer of gold in the world after China.Gold Consumer) is. This import is mainly done to meet the demand of the jewelery industry. In the last financial year, India’s gold imports registered a growth of 33.34 percent. In the financial year 2021-22, India imported gold worth $ 46.14 billion. In the financial year 2020-21, India imported gold worth $ 34.62 billion. The effect of this bumper boom in gold imports is the current account deficit (Current Account Deficit) also happens.
It is the result of this boom in gold imports that in the last financial year, India’s trade deficit registered a jump of 88 percent and it stood at $ 192.41 billion. The surprising thing is that in the last fiscal, India’s exports registered a bumper growth of 43 percent and the total merchandise exports stood at a record $ 418 billion. Despite this, such a bumper increase was recorded in the trade deficit. India’s imports stood at $610.41 billion in the last financial year.
50 percent jump in jewelery exports in the last financial year
Gems and jewelery exports grew by nearly 50 per cent to $39 billion in the financial year 2021-22. According to RBI data, the country’s current account deficit widened to 2.7 per cent of gross domestic product (GDP), or $23 billion, in the October-December quarter. During April, 2021 to February, 2022, gold imports in terms of quantity stood at 842.28 tonnes.
1050 tonnes of gold imported in 2021
Talking about the volume, in the year 2021, India imported 1050 tonnes of gold. Only 430 tonnes of gold was imported in 2020. Last year was the highest gold import in the last decade.
Gold imports more than doubled in 2021
India imported gold on a large scale in the first three quarters of the current financial year. According to an earlier report by Reuters, in the calendar year 2021, India imported gold worth $ 55.7 billion. This is more than double as compared to the year 2020. In 2020, India imported gold worth $ 22 billion. Earlier in the year 2011, India had imported a record gold worth $53.9 billion.
(with PTI input)