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.
After the uproar during the survey of Shahi Jama Masjid on 24 November in Sambhal district of Utt
There has been a decrease in the cases of corona in the country (Covid 19 Cases in India). In the
Russia's largest lender Sberbank has decided to sue global commodities trader Glencore for non-pa
The instructions of the World Health Organization have been sent on leave. The spokesperson of th
Germany, the world's 5th largest economy, is looking for skilled migrants. The German government
Incidents of bomb threats to Indian airlines are continuing. In the last 24 hours, three planes h
Lucknow Super Giants are clashing with Mumbai Indians in the 48th match of IPL 2024. Mumbai, who
Nothing is going well in China at the moment. People have taken to the streets against the zero c
For the second consecutive day, the prices of petrol and diesel have been increased by the state-
Best Smartphones: Best Smartphones under 20 thousand rupees
Smartphones Under 20,000: Smartphones are available in the market in many ranges according to dif
