look news india
Import of Silver: Silver imports are expected to double during the calendar year 2024 due to the ever-increasing demand from solar panel and electric manufacturers. Silver imports may reach 6,500 to 7,000 tonnes this year due to rising industrial demand. Silver imports stood at 3,525 tonnes in the year 2023.
According to Commerce Ministry data, silver imports rose to 4,554 tonnes during the first six months of 2024 from 560 tonnes during the same period of 2023. Apart from this, the traditional demand for jewelery remains. The price of silver has come down significantly after the reduction in customs duty.
Also for investment, demand for silver is there due to higher returns
It is more than gold. In order to curb smuggling, the government had reduced the customs duty on silver imports from 15 percent to 6 percent in the general budget. India mainly imports silver from the United Arab Emirates, Britain and China. In May this year, the price of silver in the futures market was Rs 96,493 per kg.
