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.
Double blow to Pakistan, Turkey also trapped; who will save now
The Financial Action Task Force (FATF) has decided to keep Pakistan on the gray list. Along with
The biggest relief came on Monday in the Corona case in the country. More than one lakh patients
The spirit and passion of cricket in India are of a different level. With this spirit, a female f
Indian billionaire Gautam Adani has become the second richest businessman in the world with a net
'Insulted Baba Saheb, made us lose elections twice', PM Modi attacks Congress in Hisar.
The dream of the first plane flying from Maharaja Agrasen Hisar Airport came true on Monday. Prim
Another Congress poster girl resigns in UP, Vandana with Shakti Vidhan told why she got angry
Another poster girl of Congress in Uttar Pradesh has given a big blow to the party. Party leader
The United Nations Children's Fund (UNICEF) issued an alert regarding malnourished children in a
The Narcotics Control Bureau on Friday seized 60 kg of mephedrone drugs worth about Rs 120 crore
According to an article published in the latest Bulletin of the Reserve Bank of India, between 20
If you're thinking of buying gold or silver, this news might surprise you. Gold and silver prices
