New Delhi: The country's gold imports have fallen for the fifth consecutive month in April. Due to the global lockdown due to Covid-19 infection, it has fallen by 100 per cent to $ 28.3 lakh. It was $ 39.7 billion in April 2019 according to the Commerce Ministry data.
The fall in gold imports has helped in reducing the country's trade deficit. The country's trade deficit stood at $ 6.8 billion in April compared to $ 15.33 billion in April last year. The country's gold imports have continued to decline since December. India is the world's largest importer of gold. Every year around 800 to 900 tonnes of gold are imported into the country.
Export of gems and jewelery dropped in April
Gems and jewelery exports from the country fell 98.74 per cent to $ 36 million in April. The country's gold imports fell 14.23 percent to $ 28.2 billion in FY 2019-20, from $ 32.91 billion in 2018-19.
Import of gold puts a big burden on the current account deficit of the country. Current account deficit means the difference between the arrival and departure of foreign capital in the country.
Lockdown 4.0 released, many industries still stalled
The impact of the Corona virus is so great that almost all the industrial activities of the country were stalled. However, in the lockdown 4.0 which started from May 18, the government has given permission to open many industries. Its huge impact has also been seen on the gold business. Where the spot trade of gold is closed and desolation is prevalent in the bullion market.
Jewelers may face problems
Due to the decrease in gold imports, the burden on the current account has reduced, but when the bullion markets open in the coming times, the jewelers may have to face the shortage of gold because India imports most of the gold it needs.
A local Rohingya NGO has filed a PIL in the Supreme Court demanding free education for Rohingya c
Akhilesh Yadav's MLA praised Aurangzeb, now he is in trouble; FIR registered.
Samajwadi Party MLA Abu Azmi in Maharashtra has given a controversial statement, after which he s
Farmers sitting on strike against the Noida Authority for almost 60 days will march to Delhi toda
Delhi-Mumbai will show everyone the way
The number of people infected with Covid-19 in the country is continuously increasing, but the tw
Terrorists planning to kill Imran Khan, anti-terror department warns
Terrorists are planning to assassinate former Pakistan PM Imran Khan and have sought assistance f
Relief news: Petrol-diesel is going to be cheaper soon, the government can make a big decision
The common man is very upset due to the rising prices of petrol-diesel. In such a situation, if y
Earth Day, ie Earth Day, is being celebrated all over the world today. Its purpose is to make peo
Due to heavy rain in UAE, more than 30 flights operating between India and Dubai had to be cancel
NIA raids again on PFI bases, many members in custody from Delhi-UP and Assam
The National Investigation Agency (NIA) is again raiding the premises of the Popular Front of Ind
Before Amit Shah's visit, TMC stampede again, Rajiv Banerjee resigns, signs given to join BJP
Union Home Minister and Bharatiya Janata Party (BJP) strongman Amit Shah is arriving in Kolkata o
