
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.
Time will tell who bears the brunt of the NCERT's decision to teach children only controversial c
West Bengal Violence: Mamta Banerjee Announces Rs 2 Lakh Compensation For The Family Of The Dead
Chief Minister Mamata Banerjee has announced a compensation of Rs 2-2 lakh without any discrimina
Pooja Khedkar, who has been embroiled in controversies for a long time, is facing troubles that a
Rahul Gandhi is once again on a foreign tour. Congress on Tuesday clarified that Rahul has gone t
KL Rahul Statement, IND vs AUS 1st ODI. Team India opener KL Rahul was facing criticism for his p
Nepal floods: Due to incessant rains in the Sindhupalchok district of Nepal, landslides, and floo
Today is the 47th day of the peasant movement. Other issues related to the farmer movement, inclu
The second disaster waiting after the floods in Pakistan may come 'wave of death
Thousands of people have lost their lives in the unprecedented floods in Pakistan. This disaster
Kanpur. Bikaru village is about 40 km from Kanpur district headquarters. Indiscriminate firing wa
Angered by not being allowed to play PUBG in Lucknow, a 16-year-old son shot and killed his mothe