| Date: |
16-03-2016 |
| Subject: |
Gold imports contract 29.5% to $1.39 billion in February |
|
NEW DELHI: After a sharp rise in January, gold imports in February declined 29.49 per cent to $ 1.39 billion, which is expected to keep a lid on the country's current account deficit (CAD).
The sliding prices of the yellow metal in both global and domestic markets are seen as a contributory factor for the plunge.
Gold imports stood at $ 1.98 billion in February 2015.
The contraction in imports helped narrow trade deficit at $ 6.54 billion last month as against $ 6.74 billion in the year-ago period.
India is the largest importer of gold in the world and the imports mainly cater to the demand of the jewellery industry.
In July-September of the current fiscal, CAD rose to $ 8.2 billion, or 1.6 per cent of GDP, from 1.2 per cent, or $ 6.1 billion in the April-June quarter.
Source : economictimes.indiatimes.com
|