look news india
Mumbai: India's silver imports are on track to nearly double in the current year, keeping in mind the rising demand from solar panel and electronics makers. Some importers also believe that traders are expecting higher returns on silver than gold.
Sources in an importing company said that last year India imported 3625 tonnes of silver, which is expected to increase to around 7000 tonnes this year.
According to the data of the Ministry of Commerce, silver imports in the first six months of 2024 were 4554 tonnes, compared to 560 tonnes in the same period of 2023. The reduction in import duty on silver is supporting the demand. Along with investment in the country, the traditional demand for silver still remains.
In the budget for the current financial year, the import duty on silver has been reduced from 15 percent to 6 percent. A local importer said that investors are also buying silver in anticipation of higher returns than gold.
So far in the current year, silver is giving a return of 14 percent and gold is giving a return of 13 percent.
India is the largest consumer of silver in the world. The rising domestic demand is supporting global silver prices.
More than fifty percent of total silver imports in the current year came from the United Arab Emirates alone.
