After China, India is the world’s second largest gold consumer. During the year 202-2021, Swiss gold had accounted for around half of India’s gold imports. This was recorded at $16.3 billion. India had imported a total amount of gold worth $34.6 billion during the last fiscal as against $28.2 billion during the previous year.
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During the first quarter of the current financial year, the gold imports into Indian had risen by 1046.7% and reached $7.8 billion. The data had been released by the commerce and industry ministry.
The total imports from China had reduced by 0.07% and reached $65.21 billion. In spite of this, China had been India’s top importer for shipments. They were followed by the U.S and the UAE. Germany had also made its way to the top 10 list of India’s importers during the previous fiscal year and had replaced Indonesia. When we look at India’s top 10 importers, the shipments had increased from Switzerland during the last fiscal. This was up by 7.8% and reached $18.2 billion.Switzerland had gone on to replace Saudi Arabia and had become India's fourth-largest import partner. During the previous year, India had imported gold amounting to $4.19 billion from the UAE. This was followed by South Africa at $2.5 billion. The Indian government has reduced the import duty on gold as well to 10%. This was dropped from 12.5% and includes 7.5% customs duty and also a 2.5% agriculture infrastructure and development cess.
FAQs on Which Country is the Largest Exporter of Gold to India
- In the current financial year how much was India's gold imports?
During the first quarter of the current financial year, the gold imports into Indian had risen by 1046.7% and reached $7.8 billion.
- Has the government changed the import duty rate?
Yes, this was dropped to 10% from 12.5% and includes 7.5% customs duty and also a 2.5% agriculture infrastructure and development cess.
- How does a default in gold loan payment affect my credit score?
When you default on the gold loan payment, the delay is reported to the credit bureaus and reduces your credit score.
- Can I buy Gold online?
Yes, you can buy gold online and it will be delivered to your address.
- Where can I get 24K Gold online?
MMTC-PAMP and SafeGold both will offer gold of 24KT.
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