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Economics4h 14m ago

India spent about $72 billion on gold imports in FY26, making it the country's second-largest import after crude oil.

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India, West Asia

Who
Tata Mutual Fund, Reserve Bank of India, Indian consumers, policymakers
What
India spent about $72 billion on gold imports in FY26, making it the country's second-largest import after crude oil.
When
Fri, 12 Jun 2026 11:24:54 GMT · 4h 14m ago
Where
India, West Asia ·
Why
The high gold import bill, exacerbated by rising crude oil prices due to West Asia tensions, puts pressure on the rupee and increases overall import costs, leading to inflation.
The Frontline Impact

How this affects you

India's substantial gold imports, second only to crude oil, are a major macroeconomic variable affecting the rupee's value, inflation rates, and the broader economy, leading the government to increase import duty to curb foreign exchange outflow.

Story chain

2 events in this thread
  1. Economics1h 53m ago
    India's current account surplus narrowed sharply to $7.1 billion, or 0.7% of GDP, in the fourth quarter ended March 2026.
    Open article
  2. Currently Reading4h 14m ago
    India spent about $72 billion on gold imports in FY26, making it the country's second-largest import after crude oil.

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