
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.
PM Modi, who arrived in Sri Lanka for the first time since 2019 on a three-day visit, was warmly
Asian Games 2023: India cuts ticket for semi-finals of Asian Games, rain spoils Malaysia's hopes
India vs. Malaysia Asian Games 2023: The Indian women's cricket team has booked the ticket for th
Bollywood actor Salman Khan has once again received a death threat. A threatening message has bee
Hindu temple attacked in Canada, targeted for the third time by Khalistan supporters;
Once again news of an attack on a Hindu temple is coming to the fore in Canada. A Canadian journa
"Sorry Papa, I'm really sorry." These are the words from the suicide note of three innocent daugh
The wait for the new series of smartphones of Google Pixel is about to end, as the company has an
The Saudi Arabian government has announced a big relief to the Indians coming to their country. T
The main accused of the Jahangirpuri Hanuman Jayanti riots Ansar and Aslam have been arrested by
IPL vs PSL: PCB Chief Najam Sethi told PSL better than IPL, compared with digital rating, know
The eighth season of Pakistan Super League came to an end on Saturday. Lahore Qalandars won the l
Madhya Pradesh, Rajasthan, Uttar Pradesh, Himachal, Bihar, and Chhattisgarh have been receiving h