India's import of precious metals down 37 percent in Q1

Kolkata, July 17 (IANS) India's import of precious metals in the quarter ended June 30, 2012 registered a 37 percent decline in rupee terms, compared with the like period a year ago, as the government took strong measures to curb such imports due to the high current account deficit.

"Total import of gold and silver in rupee terms during the period of April-June this year was Rs.51,084 crore as against Rs.81,307 crore in the corresponding period last year," Commercial Intelligence and Statistics Director General Dipankar Sinha told reporters on the sidelines of a programme organised by the Bengal National Chamber of Commerce and Industry (BNCCI) here Tuesday.

Sinha said in US dollar terms, the import of precious metal during the first quarter of the current financial year reported a 47 percent slide to $9.47 billion.

Gold imports have contributed substantially to India's current account deficit (CAD) - the difference between total imports and transfers and total exports, which widened to the highest ever level to 4.5 percent of the GDP at $21.7 billion in January-March period of 2011-12.