The central government has corrected the gold import figures for november and reduced it from $14.86 billion to $9.84 billion. According to the data of gold shipments in the revised figures, the total value of imported gold has decreased by 34 percent. This information has been received according to the data uploaded by the Directorate General of Commercial Intelligence and Statistics of the Ministry of Commerce on january 8.
The impact will be seen on the trade deficit of november - it will come down
This means that the gold import figures for november had reached such a high level due to counting in the calculation. Not only this, due to this data, India's trade deficit had reached a record high in november and since november, the rupee has been seeing its lowest levels ever. Now after the correction in this data by the government, the correct data of gold shipments has been revealed and due to this the data of trade deficit will also improve.
In november, India's trade deficit suddenly increased unprecedentedly to $ 37.8 billion. gold was also seen as a major component in this data. gold imports increased four times from $ 3.44 billion a year ago to a record $ 14.8 billion.
How did the gold import data go wrong?
According to sources aware of the matter, after the change in methodology, the officials had double counted the gold shipments in the warehouses. According to another report, it is being said that the officials probably combined the gold imports kept in the warehouses of the free trade zone by the custodian with the data given by the domestic banks which buy gold from the custodian. Due to this double calculation, gold imports were seen to have reached such a high level.
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