Gold imports were worth $34.62 billion in 2020-21.
The surge in gold imports during the last financial year 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 gems and jewellery exports during 2021-22 grew by about 50 per cent to about $39 billion.
India’s current account deficit widened to $23 billion or 2.7 per cent of the GDP in the October-December quarter, according to the RBI data. The current account records the value of exports and imports of goods and services, along with international transfers of capital.
Gold imports in volume terms stood at 842.28 tonnes in April 2021 – February 2022.