Oil and non-oil imports in April declined by 0.6 per cent

Mumbai: Oil and non-oil imports in April declined by 0.6 per cent and 21.5 per cent to USD 12.97 billion and 22.74 billion respectively, indicating a slowdown in industrial activity as well as duty collections. The government had estimated gross revenue collection of Rs 12,35,870 crore in 2013-14, but later revised it downward to Rs 11,58,905 crore. The issues concerning gold imports too came up for the discussions during the presentation.

The officials pointed out that hike in import duty on gold has led to increased smuggling of the precious metal. Industry has been demanding easing of curbs on gold imports put in place last year to check high Current Account Deficit (CAD). The import duty was hiked thrice to 10 per cent last year and RBI too put several restrictions on the import. However, the central bank has been gradually easing the restrictions.