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Covid-Impact: India's Gold and Silver imports contracts by over half


20 October 2020 06:02

Mumbai: Indias imports of Gold in the form of raw bullion is down by 57 percent for the first half of the fiscal.  According to recent data from the ministry of Commerce, imports stood at $6.8 billion or Rs 50,658 crores for the time between April - September 2020.  During the same period of last fiscal, imports stood at $15.8 billion or Rs 1,10,259 crore.  India is the worlds second largest consumer of Gold, however the love for bling is also a reason for negative Current Account Deficit (Total Exports minus Total Imports) and has been a reason for loss of precious forex.  With the Covid situation prevailing in the first half of the fiscal, Indias imports of Silver also contracted. Silver imports dipped 63.4 percent to $ 733.57 million (nearly Rs 5,543 crore).  The decline in gold and silver imports has helped in narrowing the countrys trade deficit, difference between imports and exports, at USD 23.44 billion during April-September 2020-21 as against USD 88.92 billion in the year-ago period.In volume terms, the country imports 800-900 tonnes of gold annually. Gems and jewellery exports declined by about 55 per cent to USD 8.7 billion in April-September 2020 amid the pandemic..
Covid-Impact: India's Gold and Silver imports contracts by over half. This article is published at 20 October 2020 06:02 from Sify Indian Business and Finance News, click on the read full article link below to see further details.


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Tags : Covid, Impact, India, Gold, Silver, imports, contracts, over, half





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