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.
The wreckage of Nepal's Tara Airlines, which crashed on Sunday, was found on Monday (May 30). The
Adipurush: Rumors running on social media about Adipurush, and makers issued a fraud alert
Adipurush, directed by Om Raut, is all set to hit the theaters this week. Ever since the teaser o
Millions of people are waiting for the vaccine amid the current state of the coronavirus in the c
The state's opposition ruling party is attacking the BJP over the textbook controversy in Karnata
During the violence on June 3 in Kanpur, children also pelted stones and bombed. This has been co
UP Chief Minister Yogi Adityanath, while addressing the Legislative Council in the budget session
If you also felt that the coronavirus is gone now, then the reports coming out these days must ha
Khaleda Zia, Bangladesh's first female Prime Minister, passed away on Tuesday, December 30, 2025,
Congress: 'Until you change your stance...'; Muralidharan takes a dig at Tharoor's recent statement
Senior Congress leader K. Muralidharan on Sunday once again targeted his party leader Shashi Thar
Indian cricket team captain Virat Kohli has broken his silence for the first time on his decision
