Gold imports stood at $5.55 billion (approximately Rs 36,922.8 crore) in April-May 2015. Gold imports fell by about 51% to $2.7 billion (approximately Rs 17,962.4 crore) in April-May this fiscal, which is expected to keep a lid on the current account deficit. Gold imports have declined significantly from the same period a year ago. India is the largest importer of gold in the world and the imports mainly take care of demand of the jewellery industry. The contraction in the imports helped narrow trade deficit to $6.27 billion last month.

Source: dna July 03, 2016 06:26 UTC