The country's gold imports declined during the April-October period of the current financial year. As a result, gold imports fell by nine percent to $ 17.63 billion, or about Rs 1.25 lakh crore. Gold imports have an impact on the current account deficit.

Last year there was so much import
According to the Commerce Ministry data, $ 19.4 billion worth of gold was imported in the same period of 2018-19. The trade deficit stood at $ 94.72 billion in the April-October period of FY 2019-20 due to the decrease in gold imports, from $ 116.15 billion in the same period last fiscal.

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Negative growth in imports since July
Gold imports have been negative since July this year. Currently, it has grown nearly five percent to $ 1.84 billion in October.

Heavy fall in gold and silver price

India is the largest importer of gold
India is the largest importer of gold. The import of gold meets the demand of the jewelry industry. Around 800 to 900 tonnes of gold is imported annually in the country.

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The decision was taken on import duty
For the sake of information, to reduce the negative impact of gold imports on the trade deficit and current account deficit, the government increased the import duty on gold from 10 percent to 12.5 percent during this year's budget.

Gems and jewelry exports decrease
Talking about exports, gems, and jewelry exports have decreased during April-October in the current financial year. It has decreased by two percent to $ 18.3 billion.