Gold Import up 471%
This year, imports of gold in the country increased by 471% to 160 tonnes in March. The main reason for this is the fall in gold prices from record high levels and reduction in import duty.
India came to 321 tonnes of gold in the March quarter
In the January-March quarter this year, a total of 321 tonnes of gold was imported in the country, compared to only 124 tonnes in the same quarter last year. Due to the low price, people have invested heavily and bought. Import in March increased to 61.53 thousand crore rupees, which was slightly more than 9 thousand crore rupees a year ago.
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There are two special reasons for increasing imports. One, in February, the government reduced the gold import duty to 10.75 per cent, from 12.5% earlier. Apart from this, the price of gold steadily decreased. In August last year, the price reached Rs 56,200 per 10 grams. This is the highest price ever. Whereas in March 2021, gold had touched a one-year low of Rs 43,320.
Total imports also increased
Along with the import of gold, an increase has also been registered in the total imports of the country. Compared to a year ago, it has increased by 53% to $ 48 billion (more than Rs. 3,518 billion) in March. The country registered a 58% increase in total exports in March, which is the largest monthly increase till date. The country’s trade deficit increased to $ 14 billion (Rs 1026 billion) in March, compared to about $ 10 billion (Rs 733 billion) in the same month last year.