Commerce ministry to bring SOP for data after gold fiasco

The commerce ministry is preparing a standard operating procedure (SOP) for data collection to address discrepancies in import data, a top government official said, after a mismatch in gold import figures reportedly embarrassed the government.

- Dhirendra Kumar

Unprecedented gold imports recorded in November contributed to a record goods trade deficit of $37.8 billion. This was the highest merchandise trade deficit in India's history, widening sharply from the $20.6 billion shortfall recorded during the same period in the previous year. The figure also far exceeded market expectations, which had anticipated a deficit of around $23 billion.