
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.
PAK vs NZ 1s T20: Haris Rauf stunned Kiwi batsmen, Pakistan won the first T20 match by 88 runs
PAK vs NZ 1st T20. The first match of the five-match T20 series between Pakistan and New Zealand
India will be hoping for a bronze medal from wrestler Aman Sehrawat on the 14th day of the Paris
Mumbai Indians captain Hardik Pandya continues to be seen openly showering affection on his girlf
Rajasthan: Burnt body of a 14-year-old girl found at a brick kiln in Bhilwara, police suspect rape
Crime is at its peak in Rajasthan. The horrific murder of a 14-year-old girl has shaken Rajasthan
The journey of the reality show 'Bigg Boss 19' may have ended, but contestant Tanya Mittal, who w
Petrol Diesel Price Hike: The price of crude oil has crossed $ 115 per barrel, despite this, due
Realme 9 Pro 5G Vs Vivo T1 5G: Which is better Realme 9 Pro 5G or Vivo T1 5G and why, know
Realme 9 Pro 5G and Vivo T1 5G: Realme recently launched the Realme 9 Pro 5G in India along with
Kesari 2 got the support of PM Modi before its release, Akshay Kumar thanked the Prime Minister.
Akshay Kumar, R. Madhavan and Ananya Pandey starrer film 'Kesari: Chapter 2' is in the news these
BJP's Medha Vishram Kulkarni introduced a corrigendum in the Upper House on Thursday afternoon af
OnePlus 8 will be available in open cell today, learn prices and offers
new Delhi
OnePlus 8 smartphone will once again be found in open cell. This flagship hands