Gold imports in June rose 65% to 3.12 billion, which will bloat the rupee
THE yellow metal is back to haunt the economy with gold imports in June jumping 65.13 per cent to
Union finance minister
The June trade deficit swelled to its highest level since
A jump in overseas purchases of gold along with a revival in demand for iron and steel helped imports post an annual growth of 8.33 per cent in Juneó their first rise in 13 months. Analysts reckon a recovery in imports will likely worsen CAD this fiscal.
Rao expects the deficit to hit 2.6 per cent of gross domestic product, sharply higher than 1.7 per cent last year.
Care Ratings said that going forward, growth in exports will be largely determined by the state of the economy of the trade partners, which would tend to improve thus providing support.
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