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.
Pakistan leaves the hand of terrorism, then India will get support; maybe on import
Pakistan, which is considering importing vegetables from India, is facing difficulties. It is rep
Landslides in various hilly areas near Meppadi in Wayanad district of Kerala on July 30 caused ma
Xiaomi's Redmi Note 10 series launched in India, know everything from price to features
China's popular smartphone company Xiaomi has launched its latest Redmi Note 10 series in India.
The government said on Wednesday that telecom service providers have started providing 5G service
IPL has given many new cricket stars to the world. This league has given India many superstars li
Pakistan Electronic Media Regulatory Authority (PEMRA) has issued new guidelines for TV channels.
Due to the increase in interest rates to control inflation, the world may see the effect of the r
The process of seat allocation in the new Lok Sabha has created a rift in the India Alliance. SP,
Nepal asked India - How did Gautam Buddha become an Indian?
Recently, a controversy arose with the statement of Nepal Prime Minister KP Sharma Oli regarding
Today is the third day of Prime Minister Narendra Modi's visit to France. Today PM Modi will be i
