Gold imports, which have a bearing on the present account deficit, declined 47.42 per cent to USD 9.28 billion throughout April-October on account of fall in demand within the wake of the Covid-19 pandemic, in accordance with information from the Commerce Ministry. Imports of the yellow steel stood at USD 17.64 billion within the corresponding interval of 2019-20.
The imports, nonetheless, recorded a development of about 36 per cent in October.
Silver imports in the course of the interval too dipped 64.65 per cent to USD 742 million.
The decline in gold and silver imports has helped in narrowing the nation’s commerce deficit, distinction between imports and exports, to USD 32.16 billion throughout April-October 2020-21 as towards USD 100.67 billion within the year-ago interval.
India is the biggest importer of gold, which primarily caters to demand of jewelry trade. In quantity phrases, the nation imports 800-900 tonne of gold yearly. Gems and jewelry exports declined by about 49.5 per cent to USD 11.61 billion in April-October 2020.