Gold imports decline by 51% to $2.7 billion in April-May
The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge.
Gold imports fell by about 51% to $2.7 billion in April-May this fiscal, which is expected to keep a lid on the current account deficit (CAD).
The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge.
Gold imports stood at $5.55 billion in April-May 2015.
The in-bound shipments contracted for the fourth consecutive month in May by 39.14% at $1.47 billion, according to Commerce Ministry data.
The contraction in the imports helped narrow trade deficit to $6.27 billion last month. The deficit was at $10.4 billion in the year-ago period.
India is the largest importer of gold in the world and the imports mainly take care of demand of the jewellery industry.
India's CAD narrowed to 1.3% of gross domestic product (GDP) in the third quarter (Q3) of 2015-16 as against 1.5 in the same period of the previous year, mainly on account of a lower trade deficit.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.