New Delhi: gold imports, which have bearings at the current account deficit, jumped multi-fold to $ 7.9 billion (Rs 58,572.99 Crore) during the April-June 2021 quarter due to low basic effects in the middle-19 pandemic, According to data from the Ministry of Commerce.
Yellow metal imports have fallen to $ 688 million (RS 5,208.41 Crore) in the appropriate period last year, data shows.
Silver imports, however, were dipped by 93.7 percent to $ 39.4 million.
The significant increase in gold imports has caused the widening of the state trade deficit, the difference between imports and exports, up to around USD 31 billion during the April-June fiscal.
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 jewelry increased to $ 9.1 billion during the first three months of fiscal at this time by opposing $ 2.7 billion in the same period the previous year.