India's gold imports are likely to be around $38-40 billion in the current fiscal year ending on March 31, 2014, the economic adviser to the prime minister, C Rangarajan, said on Friday.
That would be broadly flat from last fiscal year's $38 billion in imports, which helped push the country's current account deficit to a record 4.8 % of gross domestic product.
In its report on the economy, the prime minister's economic advisory council headed by C Rangarajan has projected gold and silver imports at $40 billion in the current fiscal year, of which gold imports alone would account for $38 billion.
The government and central bank have introduced tough measures to curb demand in the world's biggest buyer of bullion, including raising import duty to a record 10 % and making importers sell 20 % of all purchases into the export market.