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Gold Import: Increased confidence in gold, imports increased by 33.34 percent in FY22

Gold Imports: Gold imports in the country increased by 33.34 percent to $ 46.14 billion in the last financial year 2021-22, which is expected to have an impact on the country’s current account deficit (CAD).

Gold imports stood at $ 34.62 billion
According to official data, India’s gold imports were $ 34.62 billion in the financial year 2020-21, but due to the increase in gold imports in the financial year 2021-22, the country’s trade deficit increased to $ 192.41 billion, from a year ago. was $102.62 billion.

India is the second largest producer
India is the second largest consumer of gold after China. Gold is imported into India mainly to meet the demand of the jewelery industry. Gems and jewelery exports grew by nearly 50 percent to $39 billion in the financial year 2021-22.

RBI released data
According to RBI data, the country’s current account deficit widened to 2.7 per cent of gross domestic product (GDP), or $23 billion, in the October-December quarter. During April, 2021 to February, 2022, gold imports in terms of quantity stood at 842.28 tonnes.

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