Gold imports in September rises 95,673 kg

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New Delhi | Published: November 26, 2014 8:03:14 PM

India imported 95,673 kg of gold in September, the highest in the first six months of this financial year...

The information assumes significance as high imports have pushed up the country's trade deficit to USD 13.35 billion in October. (Reuters)The information assumes significance as high imports have pushed up the country’s trade deficit to USD 13.35 billion in October. (Reuters)

India imported 95,673 kg of gold in September, the highest in the first six months of this financial year, Parliament was informed today.
In the previous month, gold imports stood at 50,213 kg.

Imports of the precious metal in April, May, June and July were 43,207 kg, 52,612 kg, 77,681 kg and 45,269 kg respectively, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to a question in this regard.

The information assumes significance as high imports have pushed up the country’s trade deficit to USD 13.35 billion in October as against USD 10.59 billion in the same month last year.

To a question on whether government proposes to cut the gold imports, Sitharaman said: “Government decision making is a dynamic process which depends upon the current circumstances and the information available from time to time. Appropriate decision are accordingly taken as and when required.”

Due to high imports of petroleum products and gold, the current account deficit had touched a historic high of 4.8 per cent of GDP in 2012-13
It narrowed sharply to 1.7 per cent of GDP in the April-June quarter of this fiscal after gold imports declined tightening of norms for the inbound shipment of the metal.

Gold imports remained down for some time after the government had imposed restrictions.

The previous government had increased customs duty on gold to 10 per cent and banned import of gold coins and medallions, while the RBI linked imports of the metal to exports.

India is the largest importer of gold, which is mainly utilised to meet the demand of the jewellery industry.

In a separate reply, the Minister said that between 1992 and October, 2014, 169 anti-dumping investigations have been initiated in respect of imports of various goods from China.

“The Department of Revenue has imposed anti-dumping duties on China in respect of imports of 136 numbers of products during the period,” she said.

Dumping of goods adversely affects the competitiveness of the domestic industry and causes fall in production, productivity, employment opportunity, profit and investments.

“The adverse impact of dumping on the manufacturing sector causes economic loss to India,” she said.

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