<p>India's gold imports, which have a bearing on the current account deficit (CAD), plunged 81.22 percent to $2.47 billion (about Rs 18,590 crore) during April-July period of 2020-21 due to a significant fall in demand in the wake of Covid-19 pandemic, according to data from the Commerce Ministry.</p>.<p>Imports of the yellow metal stood at $13.16 billion (about Rs 91,440 crore) in the corresponding period of 2019-20.</p>.<p>Similarly, silver imports during the first four months of the current financial year also dipped 56.5 percent to $685.32 million (about Rs 5,185 crore).</p>.<p>The decline in gold and silver imports has helped in narrowing the country's trade deficit, the difference between imports and exports, to $13.95 billion during April-July 2020-21 as against $59.4 billion in the year-ago period.</p>.<p>Gold imports have been recording a negative growth since December last year. The fall in March, April, May and June was to the tune of 62.6 percent, 99.93 percent, 98.4 percent and 77.5 percent, respectively.</p>.<p>However, imports grew marginally by 4.17 percent to $1.78 billion in July as against $1.71 billion in the same month last year, the data showed.</p>.<p>India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually.</p>.<p>Gems and jewellery exports declined by about 66.36 percent to $4.17 billion in April-July 2020.</p>.<p>India recorded a current account surplus of $0.6 billion, or 0.1 percent of GDP, for January-March quarter as against a deficit of $4.6 billion, or 0.7 percent of GDP, in the year-ago period.</p>
<p>India's gold imports, which have a bearing on the current account deficit (CAD), plunged 81.22 percent to $2.47 billion (about Rs 18,590 crore) during April-July period of 2020-21 due to a significant fall in demand in the wake of Covid-19 pandemic, according to data from the Commerce Ministry.</p>.<p>Imports of the yellow metal stood at $13.16 billion (about Rs 91,440 crore) in the corresponding period of 2019-20.</p>.<p>Similarly, silver imports during the first four months of the current financial year also dipped 56.5 percent to $685.32 million (about Rs 5,185 crore).</p>.<p>The decline in gold and silver imports has helped in narrowing the country's trade deficit, the difference between imports and exports, to $13.95 billion during April-July 2020-21 as against $59.4 billion in the year-ago period.</p>.<p>Gold imports have been recording a negative growth since December last year. The fall in March, April, May and June was to the tune of 62.6 percent, 99.93 percent, 98.4 percent and 77.5 percent, respectively.</p>.<p>However, imports grew marginally by 4.17 percent to $1.78 billion in July as against $1.71 billion in the same month last year, the data showed.</p>.<p>India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually.</p>.<p>Gems and jewellery exports declined by about 66.36 percent to $4.17 billion in April-July 2020.</p>.<p>India recorded a current account surplus of $0.6 billion, or 0.1 percent of GDP, for January-March quarter as against a deficit of $4.6 billion, or 0.7 percent of GDP, in the year-ago period.</p>