Coal is the next big problem

The bad news is that India registered its highest trade deficit during FY2012. The ugly news is that besides crude, which was India’s largest import at $155.6 billion (net oil import at $116 billion), there were two new commodities that witnessed a significant rise in imports during FY2012—bullion and coal. In particular, gold and silver together notched a growth of 44.4% y-o-y at $61.5 billion (net gold imports at $40 billion), while coal imports increased 80.3% y-o-y to $17.6 billion.

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