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.
The government said on Wednesday that telecom service providers have started providing 5G service
BCCI is taking every step to organize WIPL, Board Secretary Jay Shah revealed
The Women's Indian Premier League (WIPL) i.e. Women's T20 Challenge may start early next year, wh
Rohtak's Deepak Hooda, playing for Lucknow Supergiants in IPL 2022, was instrumental in the team'
Today is the 38th day of Congress's Bharat Jodo Yatra and it has started from Halkundi village in
Mukhtar Ansari handed over to UP Police, UP Police team leaves from Rupnagar Jail
Rupnagar,Uttar Pradesh's Bahubali leader Mukhtar Ansari has been handed over to the UP Police tea
After the Russian attack on Ukraine on 24 February, Western countries announced drastic sanctions
Delhi Lockdown: Delhi Metro to run for the next six days during the lockdown, read a time table
Because of the uncontrolled situation of Corona in the national capital, Delhi Metro has made som
Azam Khan: Samajwadi Party's big leader Azam Khan has been sentenced to 3 years in jail by the Ra
The 12-day journey of Rahul Gandhi's Bharat Jodo Yatra in Madhya Pradesh has come to an end. The
In the last Super Four match of Asia Cup 2023 against Bangladesh, the Indian team had to face def
