Gold imports up 15.4% during April-July period

New Delhi: The country's gold imports which have a bearing on the current account deficit (CAD), increased by 15.4 per cent to $13.16 billion (about Rs 92,000 crore) during April-July period of the current fiscal, according to commerce ministry data.

Imports of the yellow metal stood at $11.41 billion (about Rs 80,000 crore) in the same period of 2018-19. CAD, which is the difference between the inflow and outflow of foreign exchange, increased to $57.2 billion or 2.1 per cent of GDP in 2018-19 as against 1.8 per cent in the previous year.

It stood at $48.7 billion in 2017-18. Since January this year, gold imports have recorded a double-digit growth except in February when it dipped by about 11 per cent.

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