- In the last 6 months, gold was down 57 percent and silver imports fell by 63 percent
- CAD decreased to $ 23.44 billion in April-September due to reduction in gold and silver imports
India benefited from a decrease in gold silver imports in last 6 months
The figures for the first six months of the current financial year have started coming out. According to the data released by the Ministry of Commerce, the price of gold and silver has fallen by more than 50 percent in the first half. India’s current fiscal deficit has come down by more than three times in the first half of last year due to the fall in imports. On the other hand, there has been a huge decline in gold jewellery exports from India. Let us also tell you what kind of data has been released by the Ministry of Commerce.
Tremendous drop in gold and silver imports
- Gold imports declined by 57 per cent during the first half of the current financial year.
- During this period, gold imports saw $ 6.8 billion or Rs 50,658 crore.
- Gold imports have declined due to declining demand amid the COVID-19 epidemic.
- In the same period of last fiscal, gold imports stood at $ 15.8 billion or Rs 1,10,259 crore.
- During April-September of the same financial year, silver imports also decreased by 63.4 percent.
- During this period, the import of silver has been reduced to $ 73.35 million, which is Rs 5,543 crore.
Reduction seen in current deficit
The country’s current account deficit has seen a large decline due to the decrease in gold and silver imports. According to the data, between April and September, the current deficit is $ 23.44 billion. Whereas it stood at $ 88.92 billion in the same period last fiscal. That is, India’s current deficit has seen a decline of more than 3 times over the previous year. Let us tell you that the difference between import and export is called CAD. Which is considered to be better for any economy in the world.
There was a huge decline in exports
On the other hand, in the first half of the current financial year, there has been a big decline in the exports of gems and jewellery. According to the data released by the ministry, it has seen a decline of 55 percent. That is, their imports have been reduced to $ 8.7 billion. Let us tell you that India is one of the largest gold importers in the world. Gold imports here are mainly to meet the demand of the jewellery industry. India imports 800 to 900 tonnes of gold annually.