Gold imports declined by 3.3 percent to $ 26.11 billion in the first 11 months (April-February) of the current financial year 2020-21. This information has been obtained from the data released by the Ministry of Commerce. Explain that the import of gold affects the current account deficit (CAD) of the country. In the same period of last financial year, yellow metal imports were $ 27 billion. According to the data, the reduction in gold imports has helped in reducing the country’s trade deficit. In the first 11 months of the current financial year, the trade deficit was reduced to $ 84.62 billion, compared to $ 151.37 billion in the same period a year ago.
India imports 800 to 900 tonnes of gold annually. India is the world’s largest importer of gold. Gold is mainly imported to meet the demand of the jewellery industry. India imports 800 to 900 tonnes of gold annually by volume.
Duty on gold import reduced in the budget
In order to encourage jewellery exports, the government has reduced the import duty on this to 7.5 percent in the budget. However, at the same time, 2.5% agricultural infrastructure and development cess has been imposed on it.
Gold import decreased by 33.86 percent in 11 months
In the first 11 months of the current financial year, exports of gems and jewelery fell by 33.86 percent to $ 22.40 billion. In February, however, gold imports reached $ 5.3 billion, up from $ 2.36 billion in the same month last year.
During April-February, silver imports also fell by 70.3 per cent to $ 78.07 million.
Prices have fallen 22 percent from the record
During the Corona period, there was a continuous rise in the prices of gold. In the month of August, gold prices were at a record level. In August, it reached the mark of Rs 57008 per 10 grams, which was a record high of gold. Now the prices of gold have come down by about 22 percent from this range.
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