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The Dollar Business Bureau India’s gold import more than doubled to $16.95 billion during the first six months of the current financial year, as per the data by Ministry of Commerce. The imports of the precious metal were around $6.88 billion during the period April- September last fiscal, the data said. However, the import of gold dropped by 5% to $1.71 billion in the month of September this year as compared to $1.80 billion in the same month a year ago. The decline in the precious metal import in September helped in narrowing down of country's trade deficit to $8.98 billion, a seven month low. However, the import of gold is likely to increase due to festival season, which has begun this month. Due to increase in ...

The Dollar Business Bureau Gold imports of India dropped by around 13.5% to $27.4 billion in the last financial year, which is likely to keep a tap on the mounting current account deficit (CAD). In 2015-16, the country’s overall imports of the yellow metal stood at $31.7 billion. As per the industry experts, one of the reasons for the drop is softening prices of the precious metal in the domestic as well as international markets. The decline in imports has helped in narrowing down of the trade deficit to $105.7 billion in 2016-17 compared to $118.7 billion in the previous fiscal. However, on a monthly basis, the imports of gold surged to $4.17 billion in March compared to $974 million in the same month year-ago, ...

The Dollar Business Bureau India’s economy is likely to grow at 7.2% in the current financial year, showing signs of revival from an expected slowdown to 6.8% in the last fiscal, said World Bank in a report on Monday. “The revision of forecast reflects a combination of the impact of demonetisation and an investment recovery that has proven more protracted than expected,” it said in its May 2017 India Development Update report. The multilateral investment agency estimated India’s gross domestic product (GDP) growth at 7.7% in 2019-20 and 7.5% during 2018-19. “Growth is likely to slowdown in the financial year 2016-17 as the momentum of October-December quarter shifts to the last quarter of January-March,” the report said. The World Bank report comes prior to the release ...

The Dollar Business Bureau The United Nations (UN) has revised India’s GDP growth forecast downward for 2017 but projected an increase in 2018 predicting 7.9% economic growth as it warned that the banking sectors’ stressed balance sheets will have adverse impact on investments in the short-term. The UN World Economic Situation and Prospects (UNWESP) in its mid-2017 report, launched on Tuesday, said that India is predicted to achieve a growth of 7.3% this year, downward from its earlier forecast of 7.7%, which it made when the report was launched in January. However, the revised report forecast that the country will achieve a notable 7.9% GDP growth next year, from its earlier estimates of 7.6% made in the January report. The report, however, cautioned that stressed balance sheets of India’s banking sector, which has ...

The Dollar Business Bureau The government think-tank, Niti Aayog in its recent three-year action agenda draft has suggested that the government should reduce the import duty on gold. It should be recalled that since January 2012, the government had increased the duty through a series of measures to discourage the imports of the yellow metal and keep a check on the rising current account deficit (CAD) which was 4.8% of GDP in 2012-13. It was the decision of the then finance minister P Chidambaram to keep the CAD at 3.7% of the GDP. Subsequently, as part of its efforts, the government then had increased the customs duty on platinum and gold to 10%  which was again increased to 15% in September ...

The Dollar Business Bureau The Indian gold imports witnessed a decline of about 24% and stood at $23.22 billion in the period April-February of 2016-17, which is likely to keep in control the current account deficit (CAD). In the corresponding period of fiscal 2015-16, total imports of the yellow metal were $30.71 billion. As per industry experts, easing of gold prices in the domestic as well as global markets can be the reason for contraction in imports. The shrinking of imports helped in decreasing the trade deficit, which stood at $95.2 billion during the April-February period of 2016-17 compared to $114.3 billion in the corresponding period of previous fiscal. However, gold imports on month-on-month basis, surged to $3.48 ...

PTI  The current account deficit (CAD) increased to $7.9 billion, or 1.4 per cent of GDP, in the December quarter due to a fall in services exports, the Reserve Bank said on Thursday. The CAD -- the difference between the value of imports of goods, services and investment incomes, and that of exports -- was $3.4 billion, or 0.6 per cent, in the September quarter and 1.4 per cent in the year-ago period. During April to December, however, the deficit halved to 0.7 per cent, from 1.4 per cent a year ago. This was primarily because of fall in earnings from software, financial services and charges for intellectual property rights. "Despite a slightly lower trade deficit on a year-on-year basis, CAD ...

The Dollar Business Bureau India’s gold imports declined by around 32.7% to $19.74 billion during the ten-month period from April-January of the current fiscal, which is likely to keep a limit on the current account deficit (CAD).  The overall imports of the yellow metal stood at $29.31 billion in the corresponding period of FY 2015-16. According to experts, easing of prices of the precious metal in local as well as global markets could be the reason behind the decline in imports.  Cash crunch in the country due to demonetisation, in November, also impacted the imports.  Gold imports fell by around 30% to $2.04 billion in the month of January compared to $2.91 billion in the same month in 2016, as per the data by commerce ...