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India is the second biggest oil importer after China and is highly dependent on imported crude oil. [27] The net imports of crude oil rose from 171.73 Mt during 2011–12 to 226.95 Mt during 2020–21. The net imports of natural gas increased from 18 BCM in 2011–12 to 32.86 BCM in 2020–21, recording a CAGR of 9.44%.
The Gold (Control) Act, 1968 is a repealed Act of the Parliament of India which was enacted to control sale and holding of gold in personal possession. High demand for gold in India with negligible indigenous production results in gold imports, leading to drastic devaluation of the Indian rupee and depletion of foreign exchange reserves to alarming levels.
The two largest goods traded by India are mineral fuels (refined / unrefined) and gold (finished gold ware / gold metal). In the year 2013–14, mineral fuels (HS code 27) were the largest traded item with 181.383 billion US$ worth imports and 64.685 billion US$ worth re-exports after refining.
India's gold imports rose 12.6% in June from a year earlier to $2.69 billion amid a jump in global prices to six-year highs, a government source said on Tuesday. The drop in gold imports by India ...
NEW DELHI/MUMBAI (Reuters) - India's gold imports plunged 73% in August from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import duty ...
Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices, which have corrected nearly 13% from an all-time high of $2,072 in August 2020.
From FY 1951 to FY 1979, the economy grew at an average rate of about 3.1 percent a year, or at an annual rate of 1.0 percent per capita. [177] During this period, industry grew at an average rate of 4.5 per cent a year, compared with 3 per cent for agriculture. [178] [179] Real GDP per capita grew 59 per cent during 1950–77.
India's gold imports in September dropped more than 14 percent from a year ago as a rally in local prices due to a depreciating rupee reduced demand in the world's second-biggest consumer of ...