New Delhi: The government on Wednesday imposed import restrictions on certain gold jewellery and articles, a move which would help cut import of non-essential items and contain trade deficit.
Now an importer would need a permission of licence from the government for importing these gold products.
However, the directorate general of foreign trade (DGFT) said that the restrictions will not be there for imports under the India-UAE free trade agreement.
In a notification, the DGFT said that the import policy of these products “has been amended from free to restricted with immediate effect”.
Imports of pearls, precious and semi-precious stones dipped by 25.36 per cent to about USD 4 billion during April-May this fiscal. Gold imports too contracted by about 40 per cent to USD 4.7 billion in the same period.
Overall merchandise imports during April-May this fiscal declined 10.24 per cent to USD 107 billion. The merchandise trade deficit for April-May 2023 stood at USD 37.26 billion against USD 40.48 billion during April-May 2022.
Dear Reader,
Every day, our team at EastMojo travels through rain, rough roads, and remote hills to bring you stories that matter – stories from your town, your people, your Northeast.
We do this because we believe in truthful, independent journalism. No big corporate backing, no government pressure – just honest reporting by local journalists who live and breathe the same air you do.
But to keep doing this work, we need you. Your small contribution helps us pay our reporters fairly, reach places others ignore, and keep asking the tough questions.
If you believe the Northeast deserves its own fearless voice, stand with us.
Support independent journalism. Be a Member.
Thank you,
Karma Paljor
Editor-in-Chief, eastmojo.com
Import of certain gold jewelery stood at over USD 110 million in April-may this fiscal and it was mainly imported from countries like UAE, Indonesia and the US.
Colin Shah, MD, Kama Jewelry, and former chairman of gems and jewellery export promotion council, said, “Though the steps by the government is to balance the macroeconomics. Gold an a raw material should be available at reasonable prices for the Gems & Jewellery industry to maintain the competitive edge for exports.
Also Read | Visit to France will provide new impetus to our strategic ties: PM Modi