The government is concerned over a 647-times spike in the import of silver from the United Arab Emirates (UAE) since the beginning of this calendar year, according to sources. New Delhi will soon take up the matter with Abu Dhabi.
The rise in silver imports follows the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE that came into force in May, 2022 and offers certain concessions.
Government data showed that the overall import of silver grew 10 times during the first four months of the calendar year (January-April) to $3.16 billion. UAE, now India’s largest
