Gold import increased manifold in a year due to increase in demand, imports in May-June exceeded Rs 51 thousand crores | Gold imports increased manifold in a year due to increase in demand, imports in May-June exceeded Rs 51 thousand crores

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  • Gold Import Increased Manifold In A Year Due To Increase In Demand, Imports In May June Exceeded Rs 51 Thousand Crores

MumbaiOne hour ago

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Gold imports in the country increased to $ 6.91 billion (Rs 51,438.82 crore) in the current financial year (2021-22) in April-May. Gold imports had gone down drastically in the same period of the last financial year due to the COVID-19 pandemic and strict nationwide restrictions.

According to the Commerce Ministry, in the same period of the financial year 2020-21, the import of this gold was $ 791 million (Rs 599 crore). Explain that the impact of gold imports falls on the current account deficit. At the same time, silver imports declined by 93.7% to $276 million during April-May.

Gold import increased due to increase in demand
Gold import data has increased due to increase in demand in the country, while silver imports have weakened due to fall in demand. The trade deficit (the difference between imports and exports) reached $21.38 billion in April-May of 2020-21 on positive growth in gold imports. It was $9.9 billion in the same period a year ago.

India is the world’s largest gold buyer
Let us tell you that India is the largest importer of gold. Gold is imported especially to meet the demand of the jewelery industry. In terms of volume, gold imports range from 800 to 900 tonnes annually. Gems & Jewelery exports grew manifold to $6.34 billion in the first two months of 2021-22 from $1.1 billion in the same period last year.

gold and silver imports in may
If we talk about May 2021 only, then in this month about Rs 5000 crore gold was imported. Whereas in May last year, only $ 7.63 crore gold was imported. At the same time, in the month of April-May, the silver bill has been around $ 7 billion. The commerce ministry has given this information.

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