NEW DELHI: Gold imports dipped by about 55 per cent to $7.88 billion during the first half of 2016-17, which is expected to keep a lid on the current account deficit. The sliding prices of the precious metal in global and domestic markets are seen to be at work. Gold imports stood at $17.42 billion in April-September of 2015.
The in-bound shipments contracted for the eighth straight month in September by 10.3 per cent to $1.8 billion, according to commerce ministry data. The contraction in imports helped narrow trade deficit to $8.33 billion in September this year, as against $10.16 billion in the same month of 2015.
India is one of the largest gold importers in the world. The imports mainly take care of demand from the jewellery industry. For the full year, CAD stood at $22.1 billion, or 1.1 per cent of GDP, as against $26.8 billion, or 1.3 per cent, in 2014-15.
