Imported gold worth Rs 58 thousand crore between April and June, this is more than 100 times more than the same period last year | Imported gold worth 58 thousand crores between April and June, this is more than 10 times more than the same period last year

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  • Imported Gold Worth Rs 58 Thousand Crore Between April And June, This Is More Than 100 Times More Than The Same Period Last Year

New Delhi32 minutes ago

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During the April-June quarter of the financial year 2021-22, the import (import) of gold stood at Rs 58 thousand 573 crore ($ 7.9 billion). Gold imports have increased by more than 10 times as compared to the same quarter last year. In the financial year 2020-21, gold imports in the same period stood at Rs 5,208 crore ($688 million). On the other hand, in the June quarter, silver imports declined by 93.7% to Rs 293 crore ($ 39.4 million) compared to the same period last year.

trade deficit widens
Due to this increase in gold imports during April-June in the current financial year, the trade deficit has increased to about 2 lakh 30 thousand 725 crores ($ 31 billion). Trade deficit refers to the difference between imports and exports.

Imports increased due to these reasons

  • The price of gold has fallen by more than 15% since August 2020.
  • Its demand has increased due to the lifting of the lockdown and the wedding season.
  • The government has reduced the import duty on gold from 12.5% ​​to 7.5%.

India consumes 800 tonnes of gold every year
India consumes 700-800 tonnes of gold every year, out of which 1 ton is produced in India and the rest is imported. The import of gold in the country was 344.2 tonnes in 2020, which is 47% less than last year. In 2019 it was 646.8 tonnes.

Duty on gold import reduced in the budget
The government has reduced it to 7.5% by cutting the import duty on it by 5% in the budget. However, Agriculture Infrastructure and Development Cess of 2.5% has been levied on it.

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