In a bid to rein in imports and bolster a weak rupee, India announced tariff hikes on several electronic items and communication devices. However, it did not levy additional duties on gold to prevent increased smuggling of the precious metal
New Delhi: India’s crude oil imports touched $10.91 billion in September, according to government data. This is up by 33.6% from a year ago.
Shipments of gold to India rose 51.5% last month, according to data from India’s trade ministry.
In a bid to rein in imports and bolster a weak rupee, India announced tariff hikes on several electronic items and communication devices. However, it did not levy additional duties on gold to prevent increased smuggling of the precious metal.
India’s trade deficit is at a five-month low in September at $13.98 billion dollars despite higher oil prices.
Data released by the commerce ministry on Monday showed that exports and imports expanded at 9.65% and 23.78%, respectively, mostly because of a sharp depreciation in the rupee.
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