New Delhi: During the first half (April-September) of the current financial year, gold imports fell by 57 per cent to $ 6.8 billion or Rs 50,658 crore. This information has been obtained from the data of the Ministry of Commerce. covid-19 Gold imports have declined due to declining demand amid the epidemic. It is noteworthy that gold imports affect the current account deficit (CAD) of the country. In the same period last fiscal, gold imports stood at $ 15.8 billion, or Rs 1,10,259 crore.
During April-September, silver imports also fell by 63.4 per cent to USD 73.35 million or Rs 5,543 crore. The current account deficit of the country has been reduced due to decrease in gold and silver imports. The difference between import and export is called CAD. CAD declined to $ 23.44 billion in April-September from $ 88.92 billion in the same period of the previous fiscal.
India is one of the world’s largest gold importers. Gold imports here are mainly to meet the demand of the jewelery industry. India imports 800 to 900 tonnes of gold annually. In the first half of the current financial year, exports of gems and jewelery fell by 55 per cent to $ 8.7 billion.
Recently, in September, India’s export-import and trade deficit data was released. India’s trade deficit was reduced to $ 2.72 billion in September. The trade deficit was $ 11.67 billion in the same month a year ago. In September, the country’s exports increased 5.99 percent to $ 27.58 billion on an annual basis. At the same time, imports fell by 19.6 percent and came to $ 30.31 billion.
