Gold and silver imports help keep trade deficit under control

Mumbai, Ta. 22 December 2020, Tuesday

In the current financial year, the country's gold and silver imports have remained low, helping the government control the trade deficit. During the April-November period of the current financial year, the country's trade deficit narrowed to 3 billion from ૧ 114.5 billion in the same period last fiscal.

India is a major importer of gold. Demand for gold from the jewelery industry remains high. Generally, the country's annual gold imports are around 30 to 300 tonnes.

Due to the impact of the corona, exports of gems and jewelery fell 6 per cent to ડો 16.50 billion in the current year, according to Commerce Ministry figures.

Gold imports fell 30 per cent to ડો 16.60 billion in April-November. It was ૬ 20.50 billion in the same period last fiscal. Silver imports also fell by 2.50 per cent to 2.50 billion.