Even in the Corona period, people bought a lot of gold, imported gold worth Rs 2.54 lakh crore

New Delhi, 18 April 2021, Sunday

Even in the Corona era, people have bought a lot of gold. As a result, India's gold import bill has gone up.

According to the data, gold imports grew by 22 per cent to 2020 34 billion, or Rs 2.54 lakh crore, in 2020-21. Gold imports are affecting the current account deficit. According to the Commerce Ministry, gold imports have increased due to rising domestic demand. While silver imports have declined by 71 per cent. Silver imports fell to 79 790 million.

In the previous year, 2019-20, gold imports stood at 28 billion. However, despite gold imports in 2020-21, the country's trade deficit narrowed to 98 98 billion. The deficit was 1 161 billion in 2019-20.

According to the Gems and Jewelery Export Promotion Council, gold imports are likely to increase further in the wake of the Akhatrij and Lagnasara seasons.

India is also the largest importer of gold. Gold is mainly imported to meet the demand for jewelery. India imports 800 to 900 tonnes of gold every year. The government has reduced the import duty on gold from 12.5 per cent to 10 per cent.