Gold imports more than halved to $4.97 billion in the first four months of the current fiscal, which is expected to keep a lid on the current account deficit.
The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the 52.5 per cent decline.
Gold imports stood at $ 10.47 billion in April-July of 2015.
The in-bound shipments contracted for the sixth consecutive month in July by 63.65 per cent to $1.07 billion, according to Commerce Ministry data.
The contraction in imports helped narrow trade deficit to $7.76 billion last month as against $13 billion in July 2015.
Reference : Economic Times
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