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.
Expressing dismay over the very low number of women recruited in the Central Armed Police Forces
The NSG has told the Delhi Police that a timer device was also installed in the recently recovere
The Reserve Bank of India has given relief to credit and debit card issuing banks and non-banking
Tesla and SpaceX owner and world's top industrialist Elon Musk is scheduled to hold a meeting wit
These 5 amazing features make iPhone completely different from the Android phone
The market has been dominated by two types of phones for since long. The fight between an iPhone
The Government of India on Thursday said that the Archaeological Survey of India (ASI) is continu
A local Rohingya NGO has filed a PIL in the Supreme Court demanding free education for Rohingya c
The budget for the year 2022 has been presented recently. Under the new budget, a new wage code c
The earthquake that struck the capital Delhi on Monday morning shook many areas of North India in
It is said that if your intentions are good and your courage is high, then one-day success will k
