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.
Maharashtra CM Devendra Fadnavis has received a threat once again. This time a WhatsApp message t
The MPs, suspended from the House for a week on allegations of creating ruckus in Parliament, are
Govt Jobs: Center's reply in Rajya Sabha- UPSC and SSC recruited 2.47 lakh candidates in five years
UPSC and SSC Jobs during Last Five Years: Union Minister Jitendra Singh told the Rajya Sabha that
India again came forward to help Sri Lanka facing an economic crisis
External Affairs Minister S. Jaishankar on Monday assured Sri Lankan President Gotabaya Rajapaksa
In the IPL (IPL 2021) on Tuesday, there will be a match between such teams of the season, who wil
The fact of who occupied the basement of Vyas ji located in the Gyanvapi complex of Varanasi befo
Prime Minister Narendra Modi reached BJP headquarters after BJP's landslide victory in Madhya Pra
Actor Vidyut Jammwal, known for his powerful action in Bollywood, will now be seen showcasing his
The demolition of two hotels in Uttarakhand's Joshimath was stopped on Tuesday after protests by
Just a day before anti-government protests in Iran, around 1200 students of the country's largest
