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India imported 95,673 kg of gold in September, the highest in the first six months of this financial year, Parliament was informed today.
In the previous month, gold imports stood at 50,213 kg.
Imports of the precious metal in April, May, June and July were 43,207 kg, 52,612 kg, 77,681 kg and 45,269 kg respectively, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to a question in this regard.
The information assumes significance as high imports have pushed up the country’s trade deficit to $13.35 billion in October as against $10.59 billion in the same month last year.
To a question on whether government proposes to cut the gold imports, Sitharaman said: “Government decision making is a dynamic process which depends upon the current circumstances and the information available from time to time. Appropriate decision is accordingly taken as and when required.”
Due to high imports of petroleum products and gold, the current account deficit had touched a historic high of 4.8 per cent of GDP in 2012—13
It narrowed sharply to 1.7 per cent of GDP in the April—June quarter of this fiscal after gold imports declined tightening of norms for the inbound shipment of the metal.
Gold imports remained down for some time after the government had imposed restrictions.
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