Import of gold into India during the last financial year fell by about 13.5% in value terms to US$ 27.4 billion, according to media reports. By comparison, in 2015-16, the country imported US$ 31.7 billion in gold.

India is one of the largest importers and consumers of gold in the world. It imported 968.06 tonnes in 2015-16 fiscal, and 915.47 tonnes in 2014-15. In the April-Jan period of the last fiscal, the latest for which data regarding volume wise imports is available, the country imported 560.32 tonnes of the precious metal.

Analysts and experts who spoke on condition of anonymity to the media, attributed the drop in demand to a fall in prices of the yellow metal.

However, as compared US$ 974 million imported in March 2016, gold import jumped to US$ 4.17 billion in March this year, data from the commerce ministry revealed.