The government’s steps in curbing precious metals import has yielded results with first quarter of April-June 2012 data showing 47 per cent decline in Dollar terms and 37 per cent in Rupee terms.
“In Rupee terms the total import of gold and silver during the April-June 2012 period was Rs 51,084 crore as against Rs 81,307 crore in the corresponding period last year,” Commercial Intelligence and Statistics Director General,Dipankar Sinha said.
Speaking on the sidelines of an interactive session with Bengal National Chamber of Commerce and Industry,Sinha said in US Dollar terms,the import during the Q1 of 2012-13 was USD 9.47 billion,down 47 per cent over the corresponding period last year.
The sharp Rupee devaluation failed to reflect the benefit compared to US Dollar terms.
Sinha said in the current fiscal the target for exports was USD 360 billion.