Norwest bets on India's value-added manufacturing with $4-billion fund

India's trade deficit widened to a one-year high of $39.88 billion in October, driven by increased gold imports and higher energy costs during the festive season. Gold imports more than tripled to $5.51 billion from $1.8 billion in September, as jewellers and consumers purchased more gold ahead of Diwali. The country, the world's second-largest gold consumer, relies heavily on imports to meet demand.

Additionally, higher energy costs due to disruptions in the Middle East oil market contributed to the deficit. Meanwhile, merchandise exports rose to $49.47 billion in October, marking India's highest monthly exports this year, while imports increased to $89.35 billion.

Brief written by urgent.news from Business Recorder's own syndicated text. Machine-written — may contain errors; check the original before relying on it.