The stated trade deficit has significantly decreased as a result of India's revision of its gold and silver import numbers for the April–November FY25 period. The most significant change was the $5 billion reduction in gold imports for November, which went from the previously reported $14.86 billion to $9.84 billion. After this modification, the trade deficit for the month was reduced from the initial estimate of $37.8 billion to $32.8 billion.
After being previously reported at $49.08 billion, the cumulative gold imports for the first eight months of FY25 have now been corrected to $37.38 billion. Similarly, the $3.27 billion silver import estimates for the same time were reduced down to $2.33 billion.
Some worries about India's trade imbalance, which had put pressure on the rupee, have subsided as a result of these reforms. As of the most recent update, the rupee is worth 85.84 versus the dollar, having depreciated 2.2% over the previous three months. According to economists, the updated numbers might lessen the currency's unfavourable reputation.
Following reports of possible mistakes, such as the double counting of gold imports as a result of problems with data transfer between the Indian Customs Electronic Gateway (Icegate) and the Special Economic Zone (SEZ) portal, the import data was recalibrated. The initial data, which has now been updated to reflect more accurate facts, had indicated a substantial increase in gold imports.
November's gold imports were still 186% greater than the same month the previous year, even with the modifications. Additionally, the government reduced the previously announced 796 tonnes of gold imports from January to November to 664 tonnes. With gold jewellery exports predicted to reach $12 billion in 2025, industry analysts pointed out that lower import taxes on gold have prompted a move from illegal to legal imports.
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