There has been a tremendous increase in gold imports in the quarter of April-June 2021. The main reason for this is to meet the demand of the jewelery industry.
increased import of gold
Gold is considered to be a better option from the very beginning in terms of investment. It also affects the current account deficit of the country. There were many ups and downs in this during the Corona period. There has been a tremendous jump in imports in the quarter of April-June 2021. It has increased manifold to $ 7.9 billion (Rs 58,572.99 crore).
According to the data of the Ministry of Commerce, during the restrictions imposed across the country due to the outbreak of Korana virus last financial year, gold imports fell to $ 688 million (Rs 5,208.41 crore). In the April-June 2021 quarter, silver imports declined by 93.7 percent to $394 million. But due to this increase in gold imports during April-June in the current financial year, the country’s trade deficit, ie the gap between imports and exports, has increased to about $ 31 billion.
800-900 tonnes of gold is imported annually
India is considered to be the largest importer of gold. India imports 800-900 tonnes of gold annually. Imports here are mainly done to meet the demand of the jewelery industry. Gems and jewelery exports grew to $9.1 billion during the first three months of the current fiscal as compared to $2.7 billion in the same quarter last year.
what is the price of gold
This is the best time to buy gold. The price of gold continues to fall. Gold reached Rs 47526 per 10 grams. According to experts, the fall in the price of the precious metal is temporary. So investors should see it as an opportunity. The price of gold will reverse soon and will reach ₹48,500 per 10 grams in a month after the trend reversal.
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