
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.
Prime Minister Narendra Modi has left for Russia. Special pictures emerged from Kazan before the
Congress embarrassed by the mistake of Chhattisgarh minister Singh Deo, BJP told CM Baghel
While discussing with the delegation of striking employees of the Chhattisgarh Government, State
Jio Bharat V2: Jio launched a 4G phone for Rs 999, only Rs 123 plan came with it
Reliance Jio has launched the 4G phone 'Jio Bharat V2'. 'Jio Bharat V2' will be available at very
WHO showed wrong map, India expressed resentment, write letter bluntly - change the map immediately
The government has taken a strong stand in the case of the World Health Organization (WHO) misrep
The Russia-Ukraine war is completing one year on 24 February. Just 3 days before this, Russian Pr
Hyderabad University: Professor accused of molesting foreign student suspended, police detained
A case of alleged molestation of an international student (of foreign origin) by a professor has
During the high speed of corona infection in India, the constant question arises about how such a
On Monday, the Supreme Court, while hearing the Aravalli case, stayed its own order from last mon
There has been a ruckus in Karnataka over the release of famous actor Kamal Haasan's upcoming fil
West Bengal CM Mamata Banerjee has given a controversial statement on Mahakumbh 2025. She said, "