Photo: Priyanka Parashar/MintNew Delhi: Gold imports fell by about 51% to $2.7 billion in April-May this fiscal, which is expected to keep a lid on the current account deficit. Gold imports stood at $5.55 billion in April-May 2015. The contraction in the imports helped narrow trade deficit to $6.27 billion last month. India is the largest importer of gold in the world and the imports mainly take care of demand of the jewellery industry. The in-bound shipments contracted for the fourth consecutive month in May by 39.14% at $1.47 billion, according to commerce ministry data.

Source: Mint July 03, 2016 09:00 UTC