India Gold imports increase significantly during April-Aug

Mumbai-India (Sept 18)  India's Gold imports during the period of April-August of the current fiscal were seen to have increased by about three fold to $15.24 billion, as per Commerce Ministry data.

 Gold imports in India during the period of August increased by about Rs 1.88 billion when compared to Rs 1.11 billion during the corresponding period in the last fiscal.

 The trade deficit in the county also increased to $11.64 billion when compared to $7.7 billion seen during the period of August 2016. The increase in the trade deficit is on the back of surge in gold imports.

 The festive season in India is about to start by the end of this month, and with that the Gold imports in the country is expected to increase as well. Gold imports, which has a bearing on the country’s current account deficit (CAD), stood at Rs 5.08 billion in April-August 2016-17.

Source: ScrapRegister