The Centre on Wednesday has slashed the figures for gold imports in November — a principal reason behind the record trade deficit of $37.8 billion for the month.

The figure was reduced by $5 billion to $9.84 billion and in volume terms to 117 tonnes from 170 tonnes.

The move has reignited concerns over the credibility and transparency of the nation’s economic data.

The correction, compiled by the Directorate-General of Commercial Intelligence and Statistics (DGCIS), is the largest adjustment ever made for a single commodity in India’s history.

The initial figures, published in December, suggested a four-fold year-on-year surge in gold imports and a doubling compared with the previous month.

Officials have attributed the earlier inflation in gold imports to double counting linked to transactions involving SEZs.

Gold entering and exiting SEZs was reportedly recorded twice due to a shift in July from the National Securities Depository Limited (NSDL) to the Indian Customs Electronic Gateway (ICEGATE) for traders’ e-filing.

“This issue stems from how shipping bills are marked under the new system. A reconciliation process between the DGCIS and the Central Board of Indirect Taxes and Customs (CBIC) is now underway to address the issue and prevent recurrence,” a senior commerce ministry official had said.

Ajay Srivastava, co-founder of the Global Trade Research Initiative (GTRI), emphasised the need for clarity.

“In the interest of transparency, the government must explain whether the revision was due to an error in data compilation or discrepancies uncovered during verification.”