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.
Amazon Great Indian Festival Sale: The best deals on the best touchscreen laptops from HP, Dell,
Twitter owner Elon Musk has launched his artificial intelligence company xAI. Regarding this, he
A big statement has come from Lieutenant General Upendra Dwivedi, Commander of the Northern Comma
Why is Pakistan so saddened by Saudi Crown Prince Mohammed bin Salman's visit to India?
Even after the end of the G20 summit in the Indian capital New Delhi, Saudi Arabia's Crown Prince
India has once again slammed Pakistan in the United Nations Human Rights Council (UNHRC). India h
The central government has warned the Sukhu government of the state not to spend the money on the
Thanks to the all-round performance of young star Abhishek Sharma, India defeated England by 150
This stock of Rs 2 has made Rs 1 lakhs Rs 1.81 crore, now the share can reach 550
You can also make big money from the stock market, however, you need to have patience. Investing
There is a need for more transparency in the budget to be presented next year. Whatever may be th
Ranveer Singh's much-awaited film 'Dhurandhar' released today. The film is receiving mixed reacti
