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Rediff.com  » Business » Gold imports dip 18.4% to Rs 71,912 cr

Gold imports dip 18.4% to Rs 71,912 cr

Last updated on: August 30, 2012 16:22 IST

Gold imports dip 18.4% to Rs 71,912 cr

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India's gold imports contracted by 18.4 per cent year-on-year to Rs 71,912 crore in theApril-June quarter of the current fiscal.

However, it is difficult to attribute specific reasons for decline in import of gold, Minister of State for Commerceand Industry Jyotiraditya Scindia has said in a written reply to the Rajya Sabha.

"Volume of import of any commodity, including gold, depends on many factors which includes domestic demand,international and domestic prices, exchange rate, duty rates," he said, adding that the import of gold is free except for monetary purposes."However, it is subject to RBI regulations.

There is no proposal to change this policy," he added.In a separate reply, the minister said discussions have been held with representatives of associations like consumermicro and small industry and food processing industry on FDI in multi-brand retail.

"While views for and against FDI in multi-brand retail trading were expressed, the discussions generally indicatesupport for the policy, subject to the introduction of adequate safeguards," he said.

The Cabinet decision of November 24, 2011, to allow 51 per cent FDI in the sector could not be implemented in theface of strong opposition from UPA ally Trinamool Congress and several state governments.


Image: A woman checks a gold waist belt inside a jewellery shop in Hyderabad.
Photographs: Krishnendu Halder/Reuters.

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