Imports of gold, which affect the country’s current account deficit, rose to $ 7.9 billion (Rs 58,572.99 crore) in the April-June quarter of 2021, ie, between the second wave of Corona. This jump is due to the low base of the comparison. In the first three months of the current fiscal, exports of gems and jewelery rose to 1 9.1 billion, up from 7 2.7 billion in the same quarter last year.
Silver imports fell 93.7 per cent
Gold imports fell by $ 688 million (Rs 5,208.41 crore) in the same period last fiscal, according to Commerce Ministry data. However, silver imports fell 93.7 per cent to 4 394 million in the April-June quarter of 2021.
Also Read: Gold makes huge profits till Diwali, now at Rs 9000 above its all-time high
With the increase in gold imports during the April-June period of the current fiscal year, the country’s trade deficit, the gap between imports and exports, has increased to about 31 billion, mainly to meet the demand of the jewelery industry. India imports 800-900 tonnes of gold annually.