India Gold Imports : A very big news is going viral on the internet, and it is pointing out a major failure of the government. This failure cannot be ignored because it concerns India, and it involves gold. India made some mistakes which resulted in significant losses, and these mistakes were later corrected.
In today’s article, we will provide all the information related to this news. India has reduced its gold imports by 5 billion dollars, and we will provide all the details regarding India’s gold imports today. Let’s begin the article and learn all the information related to this matter.
India Gold Imports 2024
The news states that in the month of November, India was unaware of how much gold it had purchased from other countries and how much gold it had imported. The calculation was also incorrect. It was initially claimed that India had purchased more gold compared to before, with a figure of 14.8 billion dollars.
However, it was later found that this figure was quite high and was corrected. The audit was done again, and it was found that India purchased 9.84 billion dollars worth of gold in 2024, which is less than the 5 billion dollars initially thought. The earlier figure was wrong, and this one is correct.
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After this news came to light, the government departments were heavily criticized. You should also know that after correcting this mistake, it has been found that India spent a significant amount on gold purchases in 2024, and this amount is still higher than last year.
Every year, Indian citizens buy gold because it is considered a good investment. As inflation increases in India, the price of gold also increases, which helps counter inflation. It is considered a good investment, and during weddings and festivals in India, gold is bought in large quantities.
The Indian government has reduced the tax on gold purchases, which is why gold is being bought in large quantities. It is possible that in the future, the Indian government may increase the tax on gold again to encourage people to buy less gold.
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