New Delhi: Gold imports in the country declined by 94 percent to $ 688 million or Rs 5,160 crore in the first quarter of the current financial year.
This information has been found in the statistics of the Ministry of Commerce. Gold imports affect the country’s current account deficit (CAD). The covid-19 epidemic has led to a drop in gold demand, which has also led to the downward trend in gold imports.
In the same quarter of the previous financial year, yellow metal imports stood at $ 11.5 billion, or Rs 86,250 crore. Similarly, silver imports declined by 45 percent to $ 57.5 million or Rs 4,300 crore during the quarter under review. The country’s trade deficit (the difference between imports and exports) was reduced to $ 9.12 billion in April from a decrease in gold and silver imports from $ 45.96 billion in the same quarter of the previous fiscal.
The Reserve Bank of India has said that India recorded a current account surplus of 0.1 per cent or $ 600 million of gross domestic product (GDP) in the January-March quarter due to the narrowing of trade deficit. A year ago, the current account deficit was $ 4.6 billion, or 0.7 percent of GDP.
