After recording a sharp rise in August, gold imports dipped 45.62 per cent to USD 2.05 billion in September, a development that will help check the country's Current Account Deficit (CAD).
The sliding price of the yellow metal is one of the reasons for the plunge in imports. The prices are declining in both global and domestic markets, said the media report.
The gold imports stood at $3.78 billion in September 2014. Check gold rates in Indian cities
India is the largest importer of gold in the world. The imports mainly cater to the demand of jewellery industry.
However, in the recent past, large imports of the precious metal have also widened the CAD, which occurs when value of import of goods and services is more than exports.