Gold imports down 57% to USD 6.Eight billion in H1 FY21

NEW DELHI: Gold imports, which have a bearing on the present account deficit (CAD), plunged 57 per cent to USD 6.Eight billion (round Rs 50,658 crore) through the first half of this fiscal amid a hunch in demand as a result of COVID-19 pandemic, confirmed knowledge by the commerce ministry.

Within the corresponding interval a 12 months in the past, gold imports stood at USD 15.Eight billion (about Rs 1,10,259 crore).

Equally, silver imports throughout April-September 2020 too dipped 63.four per cent to USD 733.57 million (about Rs 5,543 crore), the info confirmed.

The decline in gold and silver imports has helped in narrowing the nation’s commerce deficit, distinction between imports and exports, at USD 23.44 billion throughout April-September 2020-21 as towards USD 88.92 billion within the year-ago interval.

India is the biggest importer of gold, which primarily caters to demand of the jewelry business. In quantity phrases, the nation imports 800-900 tonnes of gold yearly.

Gems and jewelry exports declined by about 55 per cent to USD 8.7 billion in April-September 2020 amid the pandemic.