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Import of gold down by 99.9% in India in April! Unprecedented in last 30 years!
Posted on: 05/May/2020 1:00:51 PM
In an unprecedented development over the last 30 years, the import of gold in India is down by 99.9% in April this year!
It is well-known that India stands 2nd in the consumption of gold among various countries!
In this scenario, during the month of April 2020, only 50 kg of gold has been imported! As compared to the gold import in the previous year, April 2019, this has come down by as much as 99.9%!
If estimated in terms of money, gold imported during April 2019 was worth Rs. 30000 Crores and this year (2020), it is worth Rs. 21.45 Crores only.
The traders have come up with the 2 main reasons for this unprecedented development of 99.9% reduction! The reasons given by them are:
Following the impact of the coronavirus pandemic, flight services were stopped.
The imposed lockdown restrictions meant closure of all jewellery shops!
