Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Gold Imports up 35.5% During April-June, Says Commerce Ministry

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.

PTI

Updated:August 12, 2019, 7:12 PM IST
facebookTwitterskypewhatsapp
Gold Imports up 35.5% During April-June, Says Commerce Ministry
Representative image.
Loading...

New Delhi: The country's gold imports, which have a bearing on the current account deficit (CAD), increased by 35.5 per cent to USD 11.45 billion (about Rs 80,000 crore) during April-June quarter of the current fiscal, according to commerce ministry data.

Imports of the yellow metal stood at USD 8.45 billion (about Rs 59,000 crore) in the same period of 2018-19.

CAD, which is the difference between the inflow and outflow of foreign exchange, increased to USD 57.2 billion or 2.1 percent of GDP in 2018-19 as against 1.8 per cent in the previous year. It stood at USD 48.7 billion in 2017-18.

Increase in gold imports pushed the country's trade deficit marginally to USD 45.96 billion during April-June quarter of 2019-20 as against USD 44.94 billion in the same quarter previous fiscal.

Since January this year, gold imports have recorded a double digit growth, except in February when it dipped by about 11 per cent.

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.

To mitigate the negative impact of gold imports on trade deficit and CAD, the government increased the import duty on gold to 12.5 per cent from 10 per cent in this year's Budget .

According to industry experts, due to high duty, businessmen of the sector could shift their manufacturing bases to the neighbouring countries.

The Gems and Jewellery Export Promotion Council (GJEPC) had expressed disappointment over the hike in import duty.

Gems and jewellery exports declined 5.32 per cent to USD 30.96 billion in 2018-19.

The country's gold imports dipped about 3 per cent in value terms to USD 32.8 billion during 2018-19.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 59.25 5.24
Indiabulls Hsg 467.85 3.84
Reliance 1,275.85 2.33
HDFC Bank 2,162.70 -0.52
ICICI Bank 395.40 -0.93
Company Price Change %Gain
Yes Bank 59.25 5.24
ICICI Bank 395.75 -0.85
Indiabulls Hsg 467.90 4.00
Bajaj Finance 3,175.35 1.85
Reliance 1,275.95 2.36
Top Gainers
Company Price Change %Gain
Zee Entertain 351.15 6.75
Vedanta 137.40 6.47
UPL 547.25 5.64
Yes Bank 59.25 5.24
BPCL 329.35 5.22
Company Price Change %Gain
Vedanta 137.50 6.55
Yes Bank 59.25 5.24
ONGC 122.30 4.66
M&M 533.10 4.09
Coal India 188.05 4.07
Top Losers
Company Price Change %Gain
IndusInd Bank 1,310.50 -1.88
ITC 236.10 -1.65
ICICI Bank 395.40 -0.93
Eicher Motors 15,383.45 -0.90
HUL 1,860.00 -0.65
Company Price Change %Gain
IndusInd Bank 1,310.35 -1.90
ITC 236.00 -1.71
ICICI Bank 395.75 -0.85
Power Grid Corp 201.40 -0.69
HUL 1,859.35 -0.69

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results