It was announced today by the state-run MMTC on Tuesday that it is looking forward to import around 50% more silver during the current fiscal year. Because of the rising capacity of the domestic market for investments in the white metal, the company has decided on rising the silver import this fiscal to make it reach 1,200 tonnes.
Apart from this the company also anticipates an increase in the gold import from 245 tonnes which prevailed last year to 275 tonnes this year. As informed by a senior official of the company, in a year, India imports over 4,000 tonnes of silver and more than 960 tonnes of gold.
Known as the largest consumer of gold and silver across the globe, India uses the major portion of its silver import in the making of Jewellery, gift articles and utensils.