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.
After the defeat in the elections of five states including Uttar Pradesh, Punjab, the Congress Wo
Union Home Minister Amit Shah said that when the people of Bengal will oust Chief Minister Mamata
After the G-7 summit, the US has said that it is in close consultation with the world's oil-impor
Many areas of North India including Delhi are troubled by the scorching heat. The mercury is touc
The lockdown will be held in the country's capital Delhi from 10 am tonight to 5 am on April 26.
Indian External Affairs Minister S Jaishankar is on a tour of Australia. During this, he targeted
Pakistan is nervous after India attacked Pakistan. Pakistan's condition is so bad that it is now
Amidst reports of shortage of coal in the country, Finance Minister Nirmala Sitharaman has termed
Sao Paulo, Agencies. The death toll in Brazil in the Corona epidemic is frightening. In the last
An FIR has been lodged against Gurpatwant Singh Pannu for threatening India vs. Pakistan in the I
