Gold imports increased tenfold to Rs 58,573 crore

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AHMEDABAD: Gold imports during the April-June quarter of FY 2021-2 stood at Rs 6.5 crore. Compared to the same period last year, gold imports have grown more than 10 times. During the same period of FY2021-21, gold imports stood at Rs 4,606 crore.

On the other hand, silver imports during the June quarter fell by 4.5 per cent to Rs 5 crore from a year earlier.

Due to such a sharp rise in gold imports during April-June of the current financial year, the trade deficit has risen to about 21 billion. The gap between imports and exports is called trade food. India consumes 200-300 tonnes of gold every year, of which one tonne is produced in India and the rest is imported.

The country's gold imports fell to 7.5 tonnes in 2020, down 3 per cent from a year ago. In 2016, it was 7.5 tonnes.

The government has reduced the import duty on it from 8 per cent to 7.5 per cent in the budget. Since August 2020, gold prices have fallen by more than 15 per cent. Demand for this specialty has grown significantly as a result of recent corporate scandals.


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