Gold Import Surge Rectified: Commerce Ministry Revises Numbers

The Indian commerce ministry has adjusted its gold import figures for November, decreasing the total by USD 5 billion to USD 9.84 billion. The initial data suggested a substantial increase, which raised the country's trade deficit significantly, prompting a review by the Directorate General of Commercial Intelligence and Statistics.

The Indian commerce ministry has revised its gold import data downward by USD 5 billion, now totalling USD 9.84 billion for November. This correction comes after initial figures showed a record surge that increased the trade deficit remarkably.

The Directorate General of Commercial Intelligence and Statistics (DGCIS), based in Kolkata and tasked with compiling India's trade data, identified this discrepancy. Previously, the data cited a four-fold increase in gold imports, ballooning to USD 14.86 billion.

Concerned over this anomaly impacting the trade deficit, which hit a high of USD 37.84 billion, the ministry conducted a review to ensure the calculation was accurate. The DGCIS is a key unit under the Indian Ministry of Commerce, responsible for accurate commercial statistics.

(With inputs from agencies.)