Amidst record inflation and spurt in crude oil, gold can make a fortune, know full details before investing

Even in the epidemic, Indians bought gold fiercely, spent billions of dollars

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new Delhi. In the epidemic, where people were facing a crisis of livelihood, on the other hand Indians bought gold fiercely during this period. This is the reason that in the first 11 months (April-February) of the current financial year, the country’s gold import has increased to $ 45.1 billion.

According to official data, gold imports have increased by 73 percent in this period due to high demand. Earlier, gold worth $ 26.11 billion was imported into the country in the same period of 2020-21 i.e. April-February. However, imports of the precious metal declined by 11.45 per cent to $4.7 billion in February 2022.

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India second largest importer
India is the second largest importer of gold after China. Gold is mainly imported to meet the needs of the jewelery industry. Gems and jewelery exports grew by 57.5 per cent to $35.25 billion in the first nine months of April-December of the current financial year.

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Increase in trade deficit
According to the data of the Ministry of Commerce, the country’s trade deficit has also increased due to increase in gold imports in the first 11 months of the current financial year. The trade deficit has widened to $176 billion in the first 11 months of 2021-22. This figure was $ 89 billion in the same period of the previous financial year.

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Imports on an average 76.5 tonnes per month
Gem and Jewelery Export Promotion Council (GJEPC) Chairman Colin Shah said that the monthly import of gold during April-February 2022 averaged 76.57 tonnes, which is below the normal level. He said that during this period the import of gold has been 842.28 tonnes, which is less than the normal import.

Current account deficit will increase now
According to the RBI, the country’s current account deficit (CAD) stood at $9.6 billion or 1.3 per cent of GDP in the September quarter of the current financial year. However, CAD is expected to reach 2.8 per cent of GDP due to rising crude oil prices due to the Russo-Ukraine war.

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