India Gold Imports Could Hit Record $90 Billion This Fiscal Year: Kotak

Kotak Mahindra Bank founder Uday Kotak warned that India's gold imports could reach $88 billion to $90 billion this fiscal year, putting pressure on the country's current account.

The veteran banker made his comments at a conference on financing India's journey towards Viksit Bharat. He noted that India recorded a current account deficit of about $25 billion in FY26 and gross gold imports reached roughly $72 billion during the same period.

Kotak said if global crude oil prices average about $90, India's current account deficit could reach around $60 billion. Meanwhile, gold imports could rise to between $88 billion and $90 billion.