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One of the interesting bits of information in the review of the economy released last week by the Prime Minister's Economic Advisory Council (PMEAC), was that gold imports this year will be around $58 billion.
This estimate is based on early reports suggesting that imports up to January 2012 stood at just $50 billion (as against the half-way mark of $32 billion for April-September 2011 reported by the Reserve Bank last month).
For 2010-11, the PMEAC put gold imports at just $30 billion-33 billion. But this figure is way below the Commerce Department's estimate.
Asked about the mismatch, a highly placed source in the PMEAC said that its figure was based on preliminary data, and confirmed that the correct figure for 2010-11 is $40 billion, as reported by Business Line last October.
The source, however, felt that the amendment ‘would make no difference to the projections' because there is likely to be a ‘reversion to trend'.
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