Don’t miss the latest developments in business and finance.

Gold imports at $42 bn during Apr-Jan

For 2011-12 they were $56.3 billion, says Minister of State for Finance Namo Narain Meena

Press Trust of India New Delhi
Last Updated : Mar 08 2013 | 3:52 PM IST
The government today said gold imports have increased in recent years and were valued at $42 billion in the April-January period of the current fiscal.

For 2011-12 they had reached $56.3 billion, Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.

"India's gold imports have increased in recent years, reflecting the increasing size of domestic gold market," Meena said.

Gold imports in 2010-11 were pegged at $40.5 billion, while in 2009-10 they amounted to $28.6 billion.

According to a report of the working group of Reserve Bank, gold is imported in India mainly through designated banks and MMTC.

During 2011-12, gold imports through designated banks were estimated to be 603 tonne, or 56%, of total gold imports.

In a separate reply, Meena said India's total external debt at the end of September is estimated at $365 billion.

High gold imports are putting pressure on the country's Current Account Deficit (CAD), which touched a peak of 5.4% of the GDP in the July-September quarter.

The government has taken a number of steps to check import of the precious metal by hiking duty and also linking gold deposit schemes of banks with Exchange Traded Funds of mutual funds.

Also Read

First Published: Mar 08 2013 | 3:49 PM IST

Next Story