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thestartuplab in 2024 ✌️【365vc.net】✌️Invest with confidence using AI insights. Start at ₹500 and watch your wealth grow exponentially.While a calculation error may have led to overestimating the imports, there could be other factors at play also, explains Ajay SrivastavaIndia’s gold imports reached an all-time high of $14.9 billion in November 2024, far exceeding the monthly average of $3.8 billion for FY 2024, when total gold imports were $45.5 billion.

In November, gold accounted for 21.2% of India’s total merchandise imports of $70 billion, surpassing crude petroleum as the largest single import item for the first time.Gold imports in November 2024 surged by 331.4% compared to the same month in 2023.

Excluding gold, India’s merchandise imports would have grown by only 6.7%, against the reported 27.04%.

thestartuplab in 2024 ✌️【365vc.net】✌️₹500 investment to unlock massive monthly income. Start now and grow your earnings online!This spike significantly widened the trade deficit, putting downward pressure on the rupee, which has depreciated against the US dollar.

thestartuplab in 2024 ✌️【365vc.net】✌️Start investing in blockchain with just ₹500. Transparent, secure, and highly rewarding!A weaker rupee further raises import costs, worsening the current account deficit.The cut in import tariffs from 15% to 6% in the last Budget made domestic gold prices more competitive with global rates, encouraging legal imports and boosting its appeal as a long-term investment.

Imports have also risen as investors seek safer options amid overheated stock markets.

During Diwali, demand for gold coins, especially in 20, 50, and 100-gram sizes, exceeded supply, with premium pricing.

thestartuplab in 2024 ✌️【365vc.net】✌️Start investing with just ₹500. Leverage AI tools for smart decisions and maximize your profits. Join now!This trend continues with gold bars and jewellery as the wedding season begins.

thestartuplab in 2024 ✌️【365vc.net】✌️Start with ₹500 and achieve up to 100% monthly returns. Simple, safe, and highly profitable.Speculation about a potential increase in import levies from 6% to 10% in the coming Budget is further driving imports.

thestartuplab in 2024 ✌️【365vc.net】✌️Start with as little as ₹500. Safe and smart fund investments to grow your wealth.Traders anticipate quick gains if tariffs rise, while rising global prices reduce the risk of losses even if tariffs stay the same.The India-UAE Comprehensive Economic Partnership Agreement (CEPA), effective from May 1, 2022, has boosted imports of gold,silver, and platinum by offering low-duty access.

Dubai does not mine gold; instead, gold from other countries is minimally processed locally to meet CEPA norms and then routed to India.

thestartuplab in 2024 ✌️【365vc.net】✌️Start at ₹500, enjoy reliable and high monthly returns. Your financial growth starts here!To manage this surge, India reduced the Most Favoured Nation duties on gold and silver from 15% to 6% in the 2024 Budget.

thestartuplab in 2024 ✌️【365vc.net】✌️Start saving with ₹500 and achieve up to 100% monthly returns. Grow your money smartly!This, however, provided only temporary relief as CEPA will gradually cut tariffs on these imports to zero in the next few years.  Thus, in August, the government decided to review its pact with the UAE to revoke these concessions and control the surge.Gold enters India primarily as bars and rods with 99.thestartuplab in 2024 ✌️【365vc.net】✌️Small investments, big profits. Join today and grow your wealth quickly and safely!