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 number of corona patients in the country has increased to 51 lakh 18 thousand 605. A record 9
Maha Kumbh is going on in Prayagraj, Uttar Pradesh. Thousands of devotees are coming to take bath
Siraj again clashed with the umpire: Match referee forgot to toss a coin
India defeated South Africa by 7 wickets in the second ODI played in Ranchi on Sunday. With this
Everyone is elated after India's spectacular victory over Pakistan in the final of the Asia Cup 2
Sakoli constituency is a famous assembly constituency of Bhandara district. State Congress Presid
Cold has arrived in almost all the states of the country. According to the Meteorological Departm
Salman Khan secretly married Sonakshi Sinha? Know what is the truth of this photo
Wedding pictures of Bollywood superstar Salman Khan and Sonakshi Sinha are becoming fiercely vira
The Central Government has stepped up preparations to bring the Uniform Civil Code (UCC). The 22n
The second season of the Women's Premier League (WPL) will start on Friday. On the lines of IPL,
Corona is again wreaking havoc in all the countries of the world including China. Since the begin
