 "Gold imports slide 51% to $2.7 bn in April-May")
Gold imports fell by about 51% to $2.7 billion in April-May this fiscal, which is expected to keep a lid on the current account deficit.
The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge.
Gold imports stood at $5.55 billion in April-May 2015.
The contraction in the imports helped narrow trade deficit to $6.27 billion last month. The deficit was at $10.4 billion in the year-ago period.
India is the largest importer of gold in the world and the imports mainly take care of demand of the jewellery industry.
India's CAD narrowed to 1.3% of GDP in the third quarter of 2015-16 as against 1.5% in the same period of the previous year, mainly on account of a lower trade deficit.
The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge.
Gold imports stood at $5.55 billion in April-May 2015.
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The in-bound shipments contracted for the fourth consecutive month in May by 39.14% at $1.47 billion, according to Commerce Ministry data.
The contraction in the imports helped narrow trade deficit to $6.27 billion last month. The deficit was at $10.4 billion in the year-ago period.
India is the largest importer of gold in the world and the imports mainly take care of demand of the jewellery industry.
India's CAD narrowed to 1.3% of GDP in the third quarter of 2015-16 as against 1.5% in the same period of the previous year, mainly on account of a lower trade deficit.