New Delhi: The country's gold imports have decreased in the April-October period of the current financial year. During this period, gold imports fell by nine percent to $ 17.63 billion, or about Rs 1.25 lakh crore. The import of gold has an impact on the current account deficit. According to the Commerce Ministry data, $ 19.4 billion of gold was imported in the same period of 2018-19.
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The trade deficit was recorded at $ 94.72 billion in the April-October period of FY 2019-20 due to a decrease in gold imports, from $ 116.15 billion in the same period of the previous financial year. Gold imports have seen negative growth since July this year. However, it rose nearly five percent to $ 1.84 billion in October. Explain that India is the largest importer of gold. The demand for the jewelry industry is met through the import of gold. About 800 to 900 tonnes of gold is imported into the country every year.
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Let us tell you that to reduce the negative impact of gold imports on the trade deficit and current account deficit, the government had raised import duty on gold from 10 percent to 12.5 percent during this year's budget. On the other hand, if we talk about exports, then during April-October in the current financial year, the export of gems and jewelry has decreased. It has decreased by two percent to $ 18.3 billion.
