The $5 billion revision is attributed to a 'calculation error' caused by the alleged double counting of gold shipments in warehouses following a shift in the online filing services to the National Securities Depository (NSDL) from the Indian Customs Electronic Gateway (ICEGATE) starting in July 2024 for gold traders.
A senior government official told Business Standard that there seems to be an 'error' in the transition from NSDL to ICEGATE. However, the Department of Commerce did not issue an official statement on the revised data.
The revised data also suggests a narrowing of India's trade deficit by $5 billion, reducing it to $32.8 billion in November from the previously reported all-time high of $37.8 billion. Despite the downward revision, India's trade deficit in November continues to remain at an all-time high.
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