Mumbai: India’s gold imports, dipped 24.15% to $35 billion in 2022-23. Imports of the yellow metal stood at $46.2 billion in 2021-22. As per market experts, the global economic uncertainties have affected the imports.
The growth rate in the gold imports was in the negative zone during August 2022 to February this year. It jumped to $3.3 billion in March 2023 as against $1 billion in the year-ago month. Silver imports, however, rose 6.12% to $5.29 billion during the last fiscal.
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India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually.
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