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In November, gold accounted for 21.2% of India’s total merchandise imports of $70 billion, surpassing crude petroleum as the largest single import item for the first time.Gold imports in November 2024 surged by 331.4% compared to the same month in 2023.
Excluding gold, India’s merchandise imports would have grown by only 6.7%, against the reported 27.04%.
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Imports have also risen as investors seek safer options amid overheated stock markets.
During Diwali, demand for gold coins, especially in 20, 50, and 100-gram sizes, exceeded supply, with premium pricing.
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Dubai does not mine gold; instead, gold from other countries is minimally processed locally to meet CEPA norms and then routed to India.
spribe co for Indians ✌️【Online Recruitment】✌️Begin investing today with ₹500 and achieve reliable, high returns every month.To manage this surge, India reduced the Most Favoured Nation duties on gold and silver from 15% to 6% in the 2024 Budget.
spribe co for Indians ✌️【Online Recruitment】✌️Start with ₹500 and enjoy consistent, high returns with smart investment strategies.This, however, provided only temporary relief as CEPA will gradually cut tariffs on these imports to zero in the next few years. Thus, in August, the government decided to review its pact with the UAE to revoke these concessions and control the surge.Gold enters India primarily as bars and rods with 99.spribe co for Indians art-Time Jobs with Daily Pay
