<p>India’s gold imports have more than halved this financial year so far, thanks to the pandemic that obstructed its inward shipping and put a brake on the rising current account deficit.</p>.<p>On the flip side, the gems and jewellery exports are feared to drop by about 25% in this financial years. </p>.<p>Data released by Commerce Ministry showed gold imports have dropped 57% to $6.8 billion during April-September period. Last year, in the same period, gold imports stood at $15.8 billion.</p>.<p>Similarly, silver imports during April-September 2020 too dipped 63.4% to $733.57 million, the data showed. </p>.<p>The decline in gold and silver imports has helped in narrowing the country's trade deficit, the difference between imports and exports, at $23.44 billion during April-September 2020-21 as against $88.92 billion in the year-ago period. </p>.<p>But, India, the largest importer of gold, which mainly caters to the demand of the jewellery industry, is likely to suffer. </p>.<p>According to the Gem and Jewellery Export Promotion Council of India (GJEPC), the gems and jewellery export is expected to decline by 20-25% in the current financial year compared to 2019-20. </p>.<p>Gems and jewellery exports declined by about 55% to $8.7 billion in April-September 2020 amid the pandemic. </p>.<p>“We expect the exports to witness a decline of 20 25% in 2020-21, compared with last year. With demand improving gradually, we should be at our 2019-20 levels next year. Growth will come back only maybe by 2021-22,” according to GJEPC chairman Colin Shah. </p>.<p>India imports close to 900 tonnes of gold every year.</p>
<p>India’s gold imports have more than halved this financial year so far, thanks to the pandemic that obstructed its inward shipping and put a brake on the rising current account deficit.</p>.<p>On the flip side, the gems and jewellery exports are feared to drop by about 25% in this financial years. </p>.<p>Data released by Commerce Ministry showed gold imports have dropped 57% to $6.8 billion during April-September period. Last year, in the same period, gold imports stood at $15.8 billion.</p>.<p>Similarly, silver imports during April-September 2020 too dipped 63.4% to $733.57 million, the data showed. </p>.<p>The decline in gold and silver imports has helped in narrowing the country's trade deficit, the difference between imports and exports, at $23.44 billion during April-September 2020-21 as against $88.92 billion in the year-ago period. </p>.<p>But, India, the largest importer of gold, which mainly caters to the demand of the jewellery industry, is likely to suffer. </p>.<p>According to the Gem and Jewellery Export Promotion Council of India (GJEPC), the gems and jewellery export is expected to decline by 20-25% in the current financial year compared to 2019-20. </p>.<p>Gems and jewellery exports declined by about 55% to $8.7 billion in April-September 2020 amid the pandemic. </p>.<p>“We expect the exports to witness a decline of 20 25% in 2020-21, compared with last year. With demand improving gradually, we should be at our 2019-20 levels next year. Growth will come back only maybe by 2021-22,” according to GJEPC chairman Colin Shah. </p>.<p>India imports close to 900 tonnes of gold every year.</p>
