That is why gold import has increased rapidly in the country, Commerce Ministry is in tension due to increasing trade deficit, this is a good sign.

New Delhi : Anyway, the demand for gold increases rapidly during the festive season and wedding season. Due to this, the import of gold had almost quadrupled. Due to the surge in gold imports, the country's trade deficit has also increased rapidly. According to the data, it reached a record $37.84 billion in November. That is why the Commerce Ministry of the government has come into alert mode.

After gold imports reached an all-time high of $14.86 billion in November, the Commerce Ministry is investigating any irregularities in the data. Giving this information on Wednesday, an official said that these figures will be investigated in detail. At the same time, these will also be matched with the data received from the Central Board of Indirect Taxes and Customs (CBIC).

According to official data released this week, the country's trade deficit reached a record $37.84 billion in November due to the surge in gold imports. “In view of the unusual surge in gold imports, the Directorate General of Commercial Intelligence and Statistics (DGCIS) has conducted a detailed examination of the data and now the data received from the Central Board of Indirect Taxes and Customs (CBIC) is available,” a Commerce Ministry official said. These will be matched together.”

DGCIS, operating under the Ministry of Commerce, collects, compiles and disseminates India's trade statistics and commercial information. According to the data, the country's gold imports reached a record high of $14.86 billion in November, a four-fold increase mainly due to demand from the festive season and wedding season. Gold import in November 2023 was US $ 3.44 billion.

Total imports during April-November in the current financial year increased by 49 percent to $ 49 billion compared to $ 32.93 billion in the same period a year ago.

Click here to read other business news

The Commerce Ministry says gold has been one of the best performing assets till November this year with an average annual return of around 25 per cent. This reflects strong investor sentiment as a safe asset. This year, the price of gold has increased by 23 percent in the national capital and has reached close to Rs 79,000 per 10 grams.

-with agency input