India’s gold imports plunge after PM Modi’s call to curb purchases
- PM Modi again urged Indians to curb gold purchases to reduce the import bill and put idle household gold to use.
- Gold imports fell nearly 4% in May, 20% in June, 23.7% in July and almost 30% in August year-on-year.
- The decline was not solely due to Modi’s appeal; customs duty on gold and silver rose from 6% to 15% in May.
- India holds an estimated 31,000 tonnes of household gold, while it imports roughly 700–900 tonnes annually.
Source: economictimes.indiatimes.com
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