New Delhi: 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 affect the country’s current account deficit (CAD).
According to official data, India’s gold import in the financial year 2020-21 was $ 34.62 billion. 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 $102.62 billion a year ago.
India is the second-largest consumer of gold after China. Gold is imported into India mainly to meet the demand of the jewelry industry. Gems and jewelry exports grew nearly 50 percent to $39 billion in the financial year 2021-22.
According to RBI data, the country’s current account deficit rose to 2.7 percent of GDP, or $23 billion, in the October-December quarter. From April 2021 to February 2022, gold imports in terms of quantity stood at 842.28 tonnes.
India exported a record $418 billion in FY 2021-22
On the other hand, India’s exports of goods reached a record level of $ 418 billion in the financial year 2021-22 due to the better performance of petroleum products, engineering goods, gems, and jewelry and chemicals sectors. Commerce and Industry Minister Piyush Goyal recently gave this information while releasing the trade figures for the financial year 2021-22. According to the data, during the years 2021-22, India’s commodity trade (export and import) crossed one trillion dollars as the country’s imports also reached an all-time high of $ 610 billion.
