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India's gold imports fell by 25 percent to $8.43 billion in the first quarter of the current financial year due to sliding prices of the metal in both global and domestic markets Gold imports had amounted to $11.26 billion in the corresponding quarter of last financial year Contraction in gold imports help contain the current account deficit.
Rise in crude oil prices and imports too have impacted the trade deficit, which widened to $44.94 billion during April-June this financial year as against $40 billion in the same period of 2017-18 India is the largest importer of gold, which mainly caters to the demand of the jewellery industry As per the data, silver imports grew by 1045 per cent to $36424 million in June.
The country imports 700-800 tonnes of gold annually. . More
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