According to the official data, the import of gold in India has been rose by 33.34% to Rs 46.14 billion on account of higher demand in 2021-22. The import of gold in 2020-21 was about Rs 34.62 billion. The increase in gold imports has contributed to the widening of the trade deficit to $192.41 billion, against $102.62 billion in 2020-21.
India is the world’s second-biggest gold consumer after China. The imports are largely driven by the jewellery industry. The export of gems and jewellery grew by about 50% to about $39 billion during 2021-22.