According to the Business Standard, the Indian government has notified manufacturers and traders to import up to 160 tonnes of gold from the UAE at special prices during 2024-25 under the India-UAE Free Trade Agreement.
The agreement, officially called the Comprehensive Economic Partnership Agreement (CEPA), came into force on May 1, 2022.
Under the agreement, India has agreed to import up to 200 tonnes of gold per year from the UAE with a 1% tariff concession under the Tariff Rate Quota (TRQ).
India notified 140 tonnes last fiscal year and 160 tonnes for 2024-25, the official added.
Think tank GTRI said in a June report that India’s gold imports from the UAE grew 147.6% from $3 billion in fiscal 2023 to $7.6 billion in fiscal 2024. The group has called for a review of the pact.
India’s gold imports, which impact India’s current account deficit (CAD), are expected to fall 4.23 per cent to $12.64 billion between April 2024 and July 2025 due to uncertainties in the global economy, according to government data.
India’s gold imports, which impact India’s current account deficit (CAD), fell 4.23 per cent to $12.64 billion during April 2024-July 2025 due to uncertainties in the global economy, according to government data.
In its budget proposal, the government reduced customs duties on gold and silver from 15% to 6%.
In 2023-24, India’s gold imports are expected to grow by 30% to $45.54 billion.
Switzerland is the largest gold importer, with a share of around 40 percent, followed by the UAE (more than 16 percent) and South Africa (around 10 percent).
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