The spike in gold imports after the duty cut is likely to bloat the Q2FY2025 current account deficit (CAD) to 2.0 per cent of gross domestic product (GDP) from 1.1 per cent of GDP in Q1 FY2025, says Icra
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The government notification came within 24 hours after the India Bullion & Jewellers Association (IBJA) highlighted that drawbacks were yet to be rolled back
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Despite strong gold demand in March, the market saw an unexpected downturn as jewellers stocked up for the Indian wedding season.
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