India’s gold imports fell by 24.15% to $35bn in 2022-23 due to global economic uncertainty and a high import duty on gold. Although silver imports rose 6.12% to $5.29bn in the same period, the significant reduction in gold imports did not help narrow the country’s trade deficit, which stood at $267bn in 2022-23. The fall in gold imports is attributed to the 15% import duty and a lack of clarity on trade war issues. Meanwhile, gems and jewellery exports declined by 3% to $38bn during the fiscal year.
