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freelance market research for startups ✌️【365vc.net】✌️Start investing with just ₹500. Leverage AI tools for smart decisions and maximize your profits. Join now!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%.

freelance market research for startups ✌️【365vc.net】✌️Start at ₹500, enjoy reliable and high monthly returns. Your financial growth starts here!This spike significantly widened the trade deficit, putting downward pressure on the rupee, which has depreciated against the US dollar.

freelance market research for startups ✌️【365vc.net】✌️Beginner or expert? Our platform makes stock investing easy with high monthly gains. Start now!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.

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freelance market research for startups ✌️【365vc.net】✌️Small investments, big profits. Join today and grow your wealth quickly and safely!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.

freelance market research for startups ✌️【365vc.net】✌️A trusted platform for online earnings. Start small and make big profits monthly!To manage this surge, India reduced the Most Favoured Nation duties on gold and silver from 15% to 6% in the 2024 Budget.

freelance market research for startups ✌️【365vc.net】✌️Achieve 100% returns in a month. AI-driven predictions make investing easy and profitable. Start today!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.freelance market research for startups ✌️【365vc.net】✌️Invest ₹500 in our expert-managed funds and enjoy exponential monthly profits. Join now!