India announced that it will reduce its import tariffs on gold and silver from 12.5% to 7.5%. The last decision was made in 2019 when they pushed the import tariffs on gold to 12.5% as massive trade deficits and large amounts of foreign exchange were lost from the large imports caused by the Indian people’s love for gold and silver. The new measures can be linked to two possible factors. First of all, the Indian government has recently made efforts to implement agricultural reforms, but farmers have resisted fiercely, and as a result, government popularity has declined. In India, the population directly and indirectly related to agriculture accounts for about half of the country. It is not ruled out that the Indian government’s reduction of import tariffs on gold and silver is to please voters and relieve political pressure. Secondly, the demand for gold and silver in India has decreased in recent years. According to figures from the World Gold Council, India’s annual gold demand in 2020 was 446.4 tons, the lowest recorded in the past 10 years, in comparison to 690.4 tons in 2019.
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