
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.
We will marry Rishabh Pant after T20 World Cup, fans troll Urvashi Rautela again
Team India's wicketkeeper-batsman Rishabh Pant is in a lot of discussions these days, not for his
'Bahubali' fame actor Prabhas has done something that is being appreciated. Prabhas has come forw
Because of the spread of the coronavirus epidemic in Shenzhen, China, restrictions related to cov
Defense Minister Rajnath Singh has said that according to the vision of Prime Minister Narendra M
The central government has proposed to increase the number of members of the Joint Committee of P
As the month of April progresses, a continuous rise in temperature is being observed. According t
After battling death for 11 days in the hospital, Rajveer Jawanda finally lost the battle for lif
Amid the ongoing tensions in West Asia and the Iran-Israel-US conflict, India has achieved a majo
Digital Desk, New Delhi. The impact of Iran’s closure of the Strait of Hormuz is no longer
There is news of relief for the people of Delhi who are facing lockdown amid the second wave of C