Gold imports surge to $46.14 bn in 2021-22

New Delhi: India's gold imports, which have a bearing on the country's current account deficit (CAD), rose by 33.34 per cent to $46.14 billion during the 2021-22 fiscal on account of higher demand, according to official data.

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. Gold imports in volume terms stood at 842.28 tonnes in April 2021 - February 2022.