Imports of the yellow steel stood at $13.16 billion (about Rs 91,440 crore) within the corresponding interval of 2019-20.
Equally, silver imports through the first 4 months of the present monetary yr additionally dipped 56.5 per cent to USD 685.32 million (about Rs 5,185 crore).
The decline in gold and silver imports has helped in narrowing the nation’s commerce deficit, distinction between imports and exports, to USD 13.95 billion throughout April-July 2020-21 as towards USD 59.Four billion within the year-ago interval.
Gold imports have been recording a unfavourable progress since December final yr. The autumn in March, April, Could and June was to the tune of 62.6 per cent, 99.93 per cent, 98.Four per cent and 77.5 per cent, respectively.
Nevertheless, imports grew marginally by 4.17 per cent to $1.78 billion in July as towards $1.71 billion in the identical month final yr, the info confirmed.
India is the most important importer of gold, which primarily caters to demand of jewelry business. In quantity phrases, the nation imports 800-900 tonnes of gold yearly.
Gems and jewelry exports declined by about 66.36 per cent to $4.17 billion in April-July 2020.
India recorded a present account surplus of $0.6 billion, or 0.1 per cent of GDP, for January-March quarter as towards a deficit of $4.6 billion, or 0.7 per cent of GDP, within the year-ago interval.