The imports of silver also witnessed a hike to USD 442.9 million in May 2017 from USD 39.54 million for the same period in the previous year.
According to RBI data, most of the surge in imports is driven by the seasonal rise in demand for gold, and also because of stockpiling in an anticipation of Goods and Services Tax (GST) implementation.
The imports of the yellow metal which cater to the nation’s jewellery demand attracts 10% import duty.
The rise in imports have majorly driven the trade deficit to a near 30-month high of USD 13.84 billion and has also contributed to a hike in current account deficit to 3.4 billion.
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