World Economy

India Gold Imports Up 179%

India Gold Imports Up 179%India Gold Imports Up 179%

After recording decline, gold imports more than doubled to $3.80 billion in December, driven by dip in global prices, PTI reported. In December 2014, gold imports stood at $1.36 billion, according to the commerce ministry data. The figure for December 2015 is the highest in the last three months. In August last year, it was $4.95 billion. The prices have been declining at global as well as domestic markets and higher import impacts the country’s current account deficit. The jump in imports has widened the trade deficit to a four month high of $11.66 billion in the month under review. India is the largest importer of gold in the world, the demand of which mostly comes from the jewelry industry. During April-December this fiscal, the imports increased to $26.45 billion as against $25.85 billion in the same period last year. In 2014-15, gold was the third-largest commodity imported to India after crude oil and electronic items. In the respective fiscal, the country’s imports stood at $34.32 billion.