India’s gold imports contracted by 18.4 per cent year-on-year to Rs 71,912 crore in the April-June quarter of the current fiscal.
However, it is difficult to attribute specific reasons for decline in import of gold, Minister of State for Commerce and 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.