
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.
Big Relief for Fuel Consumers: Excise Duty Removed on E22 to E30 Ethanol Petrol, Know the Impact
In a significant move aimed at reducing India's dependence on imported crude oil and accelerating
Petrol Diesel Price: Oil companies have released the prices of petrol and diesel for today. Even
A Sikh student was detained in the US for wearing a kirpan. This case of misconduct by the US pol
The controversy over giving grace marks in the medical admission exam NEET-UG (National Eligibili
The swearing-in of the new government of the Bharatiya Janata Party (BJP), which came to power ag
There is intense heat in most parts of India. To avoid the heat, people are resorting to fans, co
The Supreme Court will hear on Thursday the petitions related to the controversial National Eligi
The Central Government has given a big gift to the farmers amidst the ongoing farmers' movement o
The pace of vaccination has also been increased by the central government amid the increasing pac
PMO suggested measures to revive MF
The Prime Minister's Office (PMO) has suggested regulatory and liquidity measures to help mutual