India's September gold imports fall 81.27% amid West Asia crisis
Business
India's gold imports dropped by 81.27% in September, with the ongoing West Asia crisis and higher import duties making buying gold a lot less appealing.
Silver imports also fell sharply, down 49.11%, as Prime Minister Narendra Modi encouraged people to defer gold purchases and buy gold only when necessary while concerns over higher energy costs.
India's imports grew to $74.61 billion
Even though less gold and silver came in, India's merchandise imports actually grew to $74.61 billion last month.
Exports also saw a boost, reaching $44.40 billion, showing how trade is shifting as the country adapts to global challenges.