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 war between Armenia and Azerbaijan over Nagorno-Karabakh, the disputed area, started once aga
ED Raids Anil Parab. ED has taken major action against Maharashtra minister and Shiv Sena leader
Microsoft's co-founder Bill Gates has favored India with the Covid-19 vaccine. He said that India
The National Testing Agency (NTA) has declared the result of the National Eligibility-cum-Entranc
A test match will be played between India and England from July 1. This match was to be played on
Politics over language is at its peak in Maharashtra. The war of words between MNS chief Raj Thac
Russia's attacks on Ukraine continued for the 322nd day. Meanwhile, in Russia, prisoners who refu
Randhir Kapoor clarified for calling himself ill, said- 'Ranbir speaks anything, I have dementia...'
Rishi Kapoor's last film 'Sharmaji Namkeen' was released on the previous day. The eyes of the fan
A division bench of the Kerala High Court heard the case of Munambam land dispute in Kerala on Mo
Hindi film industry's megastar Amitabh Bachchan has turned 82 today. Even at this age, he is acti
