New Delhi: gold imports, which have bearings on the current account deficit, are enlarged to around $ 24 billion during April-September 2021 because of higher demand in this country, according to data from the Ministry of Commerce.
The import of yellow metal was $ 6.8 billion in the appropriate period last year, data showed.
Gold imports during September this year also rose to $ 5.11 billion by opposing $ 601.4 million in the same month last year.
On the other hand, silver imports were dipped by 15.5 percent to $ 619.3 million during this April-September fiscal.
However, in September, this imports jumped to $ 552.33 million with $ 9.23 million in September 2020.
The significant surge in gold imports has led to the widening of the state trade deficit, the difference between imports and exports, up to $ 22.6 Billion in September fiscal by opposing $ 2.96 billion in the period last year.
India is the largest gold importer, which mainly serves demand for the jewelry industry.
In the term volume, the country imports 800-900 tons of gold every year.
Jewelers and export jewelers increased to $ 19.3 billion during the current fiscal first half by opposing $ 8.7 billion in the same period the previous year.
Gem and Jewelry Promotion Promotion Indian Board (GJEPC) Chairman Colin Shah said that “celebration season and many requests” in the country took gold imports.
Sharing a similar view, the Federation of Indian export organizations (FIEO) Director General of Ajay Sahai said that demand mainly encouraged gold imports.
“Fewer spending for marriage because Covid has produced savings and savings will also buy gold.
Skeptical people about the third wave Covid also invests in gold.
Furthermore, those who get from the stock market also diversify their investment.
Portfolio becomes gold, “Sahai said.