The government notifies the import of 160 tons of gold from the United Arab Emirates at concessional rates | News

Think Tank GTRI, in its June report, said India’s gold imports from the UAE rose 147.6% from USD 3 billion in FY23 to USD 7.6 billion in FY24. He requested a review of the agreement.

India’s gold imports, which have a bearing on the country’s current account deficit (CAD), fell 4.23% to USD 12.64 billion in April-July 2024-25 due to global economic uncertainties , according to government data.

India’s gold imports, which have a bearing on the country’s current account deficit (CAD), fell 4.23% to USD 12.64 billion in April-July 2024-25 due to global economic uncertainties , according to government data.

The government reduced customs duties on gold and silver to 6% from 15% in the budget.

In 2023-24, India’s gold imports increased by 30% to reach USD 45.54 billion.

Switzerland is the largest source of gold imports, with a share of around 40%, followed by the United Arab Emirates (over 16%) and South Africa (around 10%).

The precious metal represents over 5% of the country’s total imports.

First publication: August 27, 2024 | 11:06 p.m IST