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 Odisha and Bengal governments are on high alert regarding cyclone Dana. The central governmen
China has made a big change in Hong Kong's electoral process, now only those who have devotion to
Dhanshree Verma breaks fast on a video call: Choreographer shares beautiful video of Karva Chauth
Dhanashree Verma, the wife of Indian cricket team cricketer Yuzvendra Chahal, has shared a loving
How Turkey became 'drone superpower' in the Battle of Azerbaijan Armenia
The fierce war between Armenia and Azerbaijan in Nagorno-Karabakh has also brought the combat dro
UPSC Civil Service Vacancies 2022: The number of candidates preparing for government jobs is incr
What is the meaning of what Jaishankar said in relations with China?
Indian External Affairs Minister S Jaishankar said on Saturday at the Munich Security Conference
Akshay Kumar is in the headlines these days for his latest release film 'Mission Raniganj'. The f
iPhone 13 vs iPhone 14: Republic Sale has started on Amazon and Flipkart. This sale is running on
The weather pattern is going to change in the next few hours. The Meteorological Department said
Ashraf Ghani's escape ruined our entire plan: Khalilzad
Zalmay Khalilzad was made a special representative in the talks that the US had started for a pol
