How Much Gold India Imported in last Decade ?

February 15, 2013 · Author: · Category: exim 

The rise in physical savings is reflected in higher gold imports as the lure of higher returns from yellow Metal rises. Adding fuel to the fire is the opportunity to conceal Black Money by BUYING Physical Gold is hurting the Indian Economy. Indian Gold Metal Imports rose significantly to US$56bn in FY12 vs US$4bn in FY01. The following Chart Shows the Last 12 Years Gold imports of India which consumes almost 27% of World’s Gold Produce.

gold-imports

Given that gold makes up ~11% of total imports, the continuous increase in demand for gold would take its toll on the current account RBI measures to curb trends include – increase in gold import duty to 6% and introduce gold-linked financial products to reduce demand for physical gold.

Comments

One Response to “How Much Gold India Imported in last Decade ?”

  1. India's RBI Policy Won't Strengthen INR against USD - Need Strong Decisions to Curb BlackMoney Economy | FreePress India on July 30th, 2013 22:51

    […] Economy The real problem in India is the failure of the current account deficit [Fueled Largely by BlackMoney Investing in Gold by Indians] to show a meaningful improvement in the context of the prolonged downturn in economic […]

Leave a Reply