Gold demand declines in India due to Corona epidemic, imports decreases

Oct 18 2020 01:08 PM
Gold demand declines in India due to Corona epidemic, imports decreases

New Delhi: Gold imports declined by 57% to $ 6.8 billion or Rs 50,658 crore during the first half (April-September) of the current financial year. Information in this regard has been obtained from the data of the Ministry of Commerce. Gold imports have declined due to a drop in demand amid the Corona epidemic. The import of gold affects the current account deficit of the country.

In the period last fiscal, gold imports stood at $ 15.8 billion, or Rs 1,10,259 crore. Similarly, during April-September, silver imports also fell by 63.4% to $ 73.35 million or Rs 5,543 crore. The country's current account loss has come down somewhat due to a decrease in gold and silver imports. The difference between imports and exports is called CAD. CAD declined to $ 23.44 billion in April-September from $ 88.92 billion in the same period last fiscal.

India is one of the world's largest gold importers. Gold imports here are mainly to meet the demand of the jewellery industry. India annually imports 800 to 900 tonnes of gold. In the first half of the current financial year, exports of gems and jewellery fell by 55% to $ 8.7 billion.

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