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.
Another hottest couple of Bollywood has now joined the parenting club. Siddharth Malhotra and Kia
Russia made an agreement with Armenia-Azerbaijan on Nagorno Karabakh
Armenia, Azerbaijan, and Russia have signed an agreement to end the military conflict on the disp
World Cup Trophies Winners List 1975 to 2019 History: The countdown of ICC ODI World Cup 2023 has
Free LPG Cylinder On Holi: Yogi government's gift on Holi, 1.86 crore families got free gas cylinder
Just before Holi, on Wednesday, the Chief Minister of the state Yogi Adityanath distributed a sub
Another case like the Shraddha murder has come to light in Delhi's Pandav Nagar. A woman killed h
The NCP has taken a jibe at the removal of Nitin Gadkari, one of the top BJP leaders from the par
Lunar Eclipse 2023: The first lunar eclipse of the year 2023 is falling on 5 May. This shadow wil
Smartphone brand Vivo has launched its new flagship smartphone series Vivo X90 Series. This serie
Top US lawmakers have described China as a threat to America's existence in the Republican-majori
Delhi Health Minister Satyendra Jain said that in the coming days, between 12 and 14 thousand cas
