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 (JanuaryApril) to $3.16 billion. UAE, now India's largest source of silver imports, contributed 45 per cent.
Until a year ago, the West Asian nation was not even India's top five import partner for silver.
"The government has been actively looking into the matter to understand the reason behind the surge contrary to its (India's) expectation.
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