New Delhi: India’s gold imports fell 81.22 per cent to $ 2.47 billion (about Rs 18,590 crore) during April-July 2020. The reason for this was a huge decrease in gold demand due to the covid19 epidemic. This information has come from the data of the Ministry of Commerce. In the April-July period of 2019-20, gold imports stood at $ 13.16 billion (about Rs. 91,440 crore).
Silver imports fell 56.5 per cent to $ 68.53 million (about Rs 5,185 crore) in the April-July period of the current financial year. India’s trade deficit was reduced to $ 13.95 billion during April-July 2020-21 due to the decline in gold and silver imports, from $ 59.4 billion in the year-ago period.
According to the data, the import of gold is going down since December 2019. In March, April, May, June, gold imports fell by 62.6 percent, 99.93 percent, 98.4 percent and 77.5 percent respectively. However, in the month of July, gold imports increased by a slight increase of 4.17 percent to $ 1.78 billion, which was $ 1.71 billion in July 2019.
