India’s gold imports fell by around 25 percent to $8.4 billion in April-June quarter in the current fiscal as compared to $11.3 billion, in the same quarter in the previous fiscal year.
According to the data released by the ministry of commerce, the fall in the value of gold imports can be attributed to declining prices of gold globally as well as in the domestic markets.
India is the largest importer of gold, mainly due the high demand of the jewellery industry.
A drop in gold imports will help to contain the current account deficit (CAD).
Gems and precious metals accounts for around 17 percent of India’s imports, second highest share in imports after mineral fuels.
Country's CAD widened to $44.94 billion during the quarter ending June 2018 against $40 billion in the same quarter last fiscal, with rising oil prices and depreciating rupee.
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