India's gold imports, which has a bearing on the country's current account deficit (CAD), more than doubled to USD 38 billion during April-December this fiscal on account of higher demand, according to data of the commerce ministry, Trend reports citing Business Standard.
The imports stood at USD 16.78 billion in April-December 2020.
In December 2021, imports of the precious metal rose to USD 4.8 billion from USD 4.5 billion in the year-ago period.
The surge in gold imports during the nine months contributed to the widening of the trade deficit to USD 142.44 billion against USD 61.38 billion in April-December 2020.
Similarly, silver imports also increased to USD 2 billion during April-December 2021 from USD 762 million in the same period of the previous fiscal.
India is the world's second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry.
The gems and jewellery exports during the nine-month of the current fiscal grew by 71 per cent to about USD 29 million.