Gold imports more than doubled in October 2016

Gold imports have more than doubled in October 2016 this year in comparison to gold Import in October 2015. Import for October 2015 was 48.73 Ton and 99.62 for October 2016.

GOVERNMENT OF INDIA
MINISTRY OF COMMERCE & INDUSTRY
(DEPARTMENT OF COMMERCE)

LOK SABHA
UNSTARRED QUESTION NO. 3195
TO BE ANSWERED ON 05^th DECEMBER, 2016

3195. SHRI GAJANAN KIRTIKAR:

KUNWAR HARIBANSH SINGH:

SHRI T. RADHAKRISHNAN:

SHRI S.R. VIJAYAKUMAR:

SUNIL BALIRAM GAIKWAD:

SHRI BIDYUT BARAN MAHATO:

SHRI NALIN KUMAR KATEEL:

Will the Minister of COMMERCE & INDUSTRY be pleased to state:

(a) whether the gold imports have more than doubled in October this year, arresting the eight month fall in gold imports;

(b) if so, the details thereof and the reasons therefor;

(c) the quantum and value of gold imports during each of the last twelve months;

(d) whether the increase in gold imports has pushed up the trade deficit and has also impacted the current account deficit in the said period; and

(e) if so, the details thereof and the corrective measures taken/being taken by the Government in this regard?

ANSWER

THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE AND INDUSTRY
(INDEPENDENT CHARGE)

(SMT. NIRMALA SITHARAMAN)

(a) to (c) There has been increase in gold imports in the month of October 2016 over the previous few months.

The Quantum and value of gold imports during each of the last twelve months;

Source: DGCI&S

(d) Total trade deficit and value of import of Gold in last 12 months and corresponding year before are as follows.

S

Source: DGCI&S

(e) During the period of last 12 months as compared to previous 12 months, value of imported gold as well as trade deficit has declined. As such no corrective measures are under consideration.