New Delhi: Imports of yellow metal had plunged to USD 79.14 million (Rs 599 crore) in the corresponding period last year as per data showed.
As per the report from ministry of commerce, yellow metal imports which have a bearing on the current account deficit, zoomed to USD 6.91 billion (Rs 51,438.82 crore) during April-May 2021 due to low base effect in the wake of the COVID-19 pandemic.
India is the largest importer of Gold which mainly caters to the demand of the jewelery industry. The country imports 800 to 900 tonnes of the yellow metal. Annual Imports of pulses increased on the back of demand while silver imports declined by 93.7 per cent to USD 27.56 million. Gems and jewelery exports, on the other hand, rose to $6.34 billion during April –May this year.