Gold imports, which affect the current account deficit, reached USD 6.91 billion (Rs 51,438.82 crore) in April-May 2021 due to a weak base effect as a result of the COVID-19 pandemic, according to data from the Ministry of Commerce. .
Imports of the yellow metal had plunged to $ 79.14 million (Rs.599 crore) during the corresponding period last year, the data showed.
Imports of silver, however, fell 93.7 percent to $ 27.56 million.
The significant jump in gold imports led to a widening of the country’s trade deficit, the difference between imports and exports, to $ 21.38 billion during the period from April to May from $ 9.91 billion l ‘last year.
India is the biggest importer of gold, which mainly meets the demand of the jewelry industry. In terms of volume, the country imports between 800 and 900 tonnes of gold per year.
Exports of precious stones and jewelry rose to $ 6.34 billion in the first two months of the current fiscal year, from $ 1.1 billion in the same period a year earlier.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting-edge commentary on relevant current issues.
However, we have a demand.
As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.