According to PTI’s news, gold imports stood at $ 15.8 billion or Rs 1,10,259 crore in the same period of the last financial year (2019-20). India is among the largest gold importing countries in the world. Gold imports here are mainly to cater to the demand of the jewelry industry. India imports 800 to 900 tonnes of gold annually. The current account deficit of the country has been reduced due to reduction in gold and silver imports. The difference between import and export is called CAD. CAD declined to $ 23.44 billion in April-September, from $ 88.92 billion in the same period of the previous financial year.
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In the current financial year, silver imports also fell by 63.4 percent to USD 73.35 million or Rs 5,543 crore during April-September. (Reuters) In the first half of the current financial year (2020-21), exports of gems and jewelery fell by 55 percent to $ 8.7 billion.
