Gold Imports Dip 17%, Bill Soars 69%: Government Won't Fix Prices

• India's gold import volume fell 17.3% over ten years (2014-15 to 2024-25), from 9.15 lakh kg to 7.57 lakh kg.
• Despite lower volumes, the gold import bill surged by nearly 69% to $58 billion in 2024-25 due to higher global prices.
• Gold prices are influenced by international rates, rupee-dollar exchange, taxes, geopolitical tensions, and safe-haven demand.
• The Minister of State for Finance stated that gold and silver prices are market-driven and the government does not fix them.
• Customs duty on gold was cut from 15% to 6% in July 2024; government promotes Gold ETFs, SGBs, and Gold Monetization Scheme.

Why It Matters: Despite falling import volumes, India's gold import bill surged due to market-driven global prices.