MUMBAI: India’s silver imports are on track to almost double in the current year, keeping in mind the growing demand from solar panel and electronics manufacturers. Some importers believe that traders are counting on getting more returns on silver than gold. Last year, India imported 3625 tonnes of silver, which is expected to increase to around 7000 tonnes in the current year, said the sources of an importing company. In the first six months of 2024, the import of silver was 4554 tonnes, which was 560 tonnes in the same period of 2023, according to the data of the Ministry of Commerce. Demand is being supported by reduction in import duty on silver. There is still traditional demand for silver along with investments in the country. In the budget of the current financial year, the import duty on silver has been reduced from 15 percent to 6 percent. Expectations of higher returns on silver than gold are also increasing buying by investors, said a local importer. In the current year, silver is yielding 14 percent and gold 13 percent so far. India is the largest consumer of silver in the world. Global silver prices are being supported as a result of increased demand at home. More than fifty percent of the total silver imports in the current year came from the UAE alone.