The Indian government knew what was coming. India's exports growth has remained in double digit for the second month in a row in June at 10.22%, but a spurt in gold imports has marginally pushed the trade deficit to $11.76 billion.

After registering a negative growth since October last year, gold imports in June has scorched higher at 65.13% to $3.12 billion from $1.88 billion during the same month last year.