Gold import: Gold purchases in Corona era too, Gold imports increased by 22.58% in the last financial year.

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Gold Import: During the financial year, silver imports fell by 71 per cent to $ 791 million. In the previous financial year 2019-20, gold imports stood at $ 28.23 billion.

India is the world’s largest importer of gold

In the last financial year 2020-21, gold imports increased by 22.58 percent to reach $ 34.6 billion or 2.54 lakh crore rupees. Gold imports affect the current account deficit (CAD). According to the figures of the Ministry of Commerce (Finance Ministry), gold imports have increased due to increasing domestic demand. According to the data, silver imports declined by 71 percent to $ 791 million during the financial year. In the previous financial year 2019-20, gold imports stood at $ 28.23 billion.

Despite the increase in gold imports, the trade deficit of the country decreased to $ 98.56 billion in the last financial year. It was $ 161.3 billion in 2019-20.

Gold import increases due to increase in domestic demand

Gem and Jewelery Export Promotion Council (GJEPC) chairman Colin Shah said that gold imports are increasing due to increasing domestic demand. Shah said that due to Akshaya Tritiya and marriage season, the import of gold can increase further. This will also increase the current account deficit. The difference between foreign currency coming into the country and going out of here is called CAD.

India is the world’s largest importer of gold

India is the world’s largest importer of gold. Gold is mainly imported to meet the demand of the jewelery industry. Gems and jewelery exports fell 27.5 percent to $ 26 billion in the last financial year.

India imports 800 to 900 tonnes of gold every year depending on the quantity. The government has reduced the import duty on gold from 12.5 per cent to 10 per cent in the budget.

New rules of gold jewelery will be applicable from June 1

It is now necessary to hallmarking every jewelry sold in the country. This Nimay will come into force from 1 June 2021 across the country. The central government had said in January 2020 that compulsory hallmarking on gold jewelery would come into effect from 15 January 2021, but due to the Corona epidemic, the government increased its date to 1 June 2021 in July. Gold hallmarking is considered a proof of purity and is currently voluntary.

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Bhagyashree Soni
Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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