India's Gold Import Clocks At $34.6 Billion; Increases By 22.58%

According to Commerce Ministry data, gold imports during 2020-21 increased by 22.58% to $34.6 billion (around Rs 2.54 lakh crore) in India. While the surge was attributed to the increased domestic demand, silver imports decreased by 71%. Moreover, the trade deficit decreased by $98.56 billion and gems and jewellery exports decreased by 27.5%. Reportedly, the demand of gold will further increase due to Akshaya Tritiya and marriage season ahead.