New Delhi : The central government has recently presented the gold import figures for the first half. Based on these data, it has been found that due to strong domestic demand for gold in the country, it has increased by 21.78 percent to 27 billion dollars in the first half of the current financial year i.e. from April to September.
Gold import affects the country's current account deficit i.e. CAD. In the same half of the last financial year, gold import was worth $22.25 billion. An expert has said that the current festive demand is helping in import growth. In the financial year 2023-24, India's gold import increased by 30 percent to $ 45.54 billion.
about 40 percent stake
Switzerland is the largest exporter of gold to India, with a share of about 40 percent. After this, United Arab Emirates UAE which is more than 16 percent and South Africa i.e. about 10 percent. The share of gold in the country's total imports is about 5 percent.
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World's second largest consumer of gold
The surge in gold imports has pushed the country's trade deficit, the difference between imports and exports, to $137.44 billion during the first half of the current financial year, compared to $119.24 billion during April to September 2023. India is the world's second largest consumer of gold after China. Imports mainly cater to the demand of the jewelery industry.
1 percent of GDP
The country's current account deficit increased marginally to $9.7 billion or 1.1 percent of gross domestic product (GDP) in April to June 2024, from $8.9 billion or 1 percent of GDP at the same time last year.
Import duty reduced
A current account deficit occurs when the value of goods and services and other payments imported by a country in a particular period exceeds the value of exported goods and services and other receipts. The data shows that silver imports increased by 376.41 percent to $ 2.3 billion during the first half of the current financial year from $ 480.6 million in April-September 2023-24. In the budget, the government had reduced the customs duty on gold and silver from 15 percent to 6 percent.
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