New Delhi: Gold imports more than halved to $4.97 billion in the first four months of the current fiscal year, which is expected to keep a lid on the current account deficit. The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the 52.5 per cent decline. Gold imports stood at $10.47 billion in April-July of 2015. In bound shipments contracted for the sixth consecutive month
in July by 63.65 per cent to $1.07 billion, data from the Commerce Ministry showed. The contraction in imports helped narrow trade deficit to $7.76 billion last month as against $13 billion in July 2015.A India is one of the largest gold importers in the world and the imports mainly take care of demand of the jewellery industry.
India's current account deficit narrowed to 1.3 per cent of GDP in the third quarter of 2015-16 as against 1.5 per cent in the corresponding period of the previous year, primarily due to a lower trade deficit.
With an aim to monetise gold lying idle in households and temples, the government netted 3.1 tonnes of the metal under the sovereign gold bond scheme since its launch in November.
As per the data, silver imports too went down 80 per cent at $54.58 million in July as against $277.6 million in the year-ago period.
However, in bound shipments of pearls, precious and semi-precious stones grew 16.3 per cent in July.
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