
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.
Automobile companies have started releasing October sales figures. The country's largest car manu
Violence has erupted in Bangladesh following the death of opposition leader Osman Hadi, a critic
Maharashtra Board: Maharashtra Board class 12th exams start in offline mode, here are the guidelines
Maharashtra State Board of Secondary and Higher Secondary Education (MSBSHSE) 12th examinations h
UP Board Result 2022: UP Board XII result will be released soon, know how to download
UP Board Result 2022: The result of the 12th class board examination conducted in the state by th
The Malaysian Prime Minister indicated that his government can consider India's request for the e
Congress On Unemployment: Congress has attacked the government due to rising inflation, unemploym
India will seek help from developed countries to fight climate change. Before the meeting of CAP-
Republic Day 2024: This time on the occasion of Republic Day, heritage aircraft Dakota has been i
Wheat Price in Haryana: After the ban on the export of wheat by the central government, its price
Prime Minister Narendra Modi on Saturday joined the 93rd Annual Meeting (AGM) of the Federation o