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USD 28 billion in the same period last year. Gold imports have fallen from 142 tonnes in April and 162 tonnes in May. They were at 23.5 tonnes in October, compared with 11.16 tonnes in September, 3.38 tonnes in August and 47.75 tonnes in July.
India imported an estimated 835 tonnes of gold in 2012-13, a key reason for the record current account deficit (CAD) of USD 88.2 billion, or 4.8 per cent of GDP.
On a BoP basis, merchandise exports increased by 11.9 per cent to USD 81.2 billion in second quarter of 2013-14 on the back of significant growth especially in the exports of textile products, leather products and chemicals.
On the other hand, it said, merchandise imports at USD 114.5 billion, recorded a decline of 4.8 per cent in July-September period of 2013-14 as compared with a decline of 3 per cent in in the year ago period, primarily led by a steep decline in gold imports, which amounted to USD 3.9 billion.
India imported gold worth USD 16.4 billion in first quarter of the current fiscal.
As a result, it said, the merchandise trade deficit contracted to USD 33.3 billion in the second quarter of 2013-14 from USD 47.8 billion a year ago.
Net outflow on account of primary income (profit, dividend and interest) amounting to USD 6.3 billion during the period was higher than that in the preceding quarter at USD 4.8 billion. While foreign direct investment recorded net inflows of USD 6.9 billion in the said period, net portfolio investment registered an outflow of USD 6.6 billion in the wake of indication given by US Federal Reserve about the tapering of its quantitative easing programme, it said.
There was a marginal net outflow of USD 0.8 billion under equities while the debt component of net FII flows recorded a higher outflow of USD 5.7 billion, it added.
The RBI said the turnaround in export growth and decline in imports from July 2013 onwards led to a sharp improvement in the trade deficit to USD 83.8 billion in the first half of 2013-14 from USD 91.6 billion in same period a year ago.
Net inflows under the capital and financial account (excluding change in foreign exchange reserves) declined to USD 15.1 billion in H1 of 2013-14 from USD 37.0 billion in H1 of 2012-13 owing to net outflows of portfolio investment.
FM optimistic about economy; expects 5% growth in FY'14
Seeking to paint an optimistic picture