NEW DELHI (Commodity Online): After crude oil , gold and silver continues to be the most imported commodity India constituting 10.1% of total imports as against petroleum, crude and products share of 30.1%.The Associated Chamber of Commerce and Industry (ASSOCHAM) has pointed out that gold imports hurt the current accounts position of the nation and also reduces the demand for such vital commodities as coke, coal, iron and steel needed for infrastructure building.
A look at the top ten import commodities for India over a period of ten years suggests that:
The percentage share of gold and silver combined has risen from the 3 rd most imported commodity in 2000-01 to the 2 nd most imported commodity in 2010-11 behind only crude oil.
Whereas comparatively the import share of other key industrial raw materials such as Coal, Coke, Iron and Steel is much lower in the total import bill of the country.
ASSOCHAM projections for gold imports suggest that:
Scenario 1- Gold import bill would be US $ 100 billion by 2015-16
Scenario 2 - Gold import should reach US $ 65.4 billion in 2015-16.
