The Silicon Review ^Asia

According to the statistics, India ranks third in oil consumption after USA and China. In 2017, net import of crude oil by India accounts to 198.8 million tons. As the demand forcrude oil continues to grow with the growing population, the import of oil has increased tremendously in 2018. The country’s crude oil imports in September touched $10.91 billion as per the data released on Monday by Indian Government. As compared to last year, it has increased up to 33.6%.

Apart from crude oil, India also tops in the gold imports. India’s gold market is basically driven by the consumption of yellow metal to design jewelry. Reportedly, India is the second biggest buyer of bullion. The data form India’s trade ministry shows that shipment of gold has also increased to 51.5% last month.

In order to fortify a weak rupee and to compensate for imports, the Indian Government announced tariff hikes on many electronic items and communication devices last week. “The country is facing a lot of economic crisis due to crude oil imports and needs to reduce imports and increase exports,” said Union Minister NitinGadkari. The country must levy additional duties on gold to prevent increased smuggling of the precious metals like gold.