Bookmark Bookmark

INDIA'S GOLD IMPORT IN 2021-22

Context

Due to increased demand, India's gold imports increased by 33.34% to USD 46.14 billion in 2021-22. In 2020-21, gold imports totalled USD 34.62 billion.  

Key Points

  • The increase in gold imports during the previous fiscal year contributed to the country's rising trade deficit of USD 192.41 billion.
  • The trade deficit in 2020-21 was USD 102.62 billion.
  • According to Reserve Bank of India (RBI) figures, India's current account deficit increased by 2.7% of GDP, or USD 23 billion, from October to December.
  • The current accounts record the value of products and services exported and imported and international money transactions.

India imports gold

  • India is the world's second-largest gold consumer, while China is the world's largest. Gold imports are primarily driven by demand in the jewellery industry.

Imports of gold from April 2021 to February 2022

  • Between April 2021 and February 2022, the country's gold imports were 842.28 tonnes.

India exports jewellery and gemstones

  • In 2021-22, the country's jewellery and stones exports are expected to increase by about 50% to around USD 39 billion.

Which countries import gold into India?

  • The majority of the country's gold imports come from Switzerland, the United Arab Emirates, South Africa, Peru, and Ghana.

You might be interested:

SANGEET NATAK, LALIT KALA AKADEMI AWARDS

Context Venkaiah Naidu, India's Vice President, has presented the Sangeet Natak Awards and the Sangeet Natak Akademi Fellowship for 2018 to 43 prominent musicians (4 Fellows and 40 awardees). He also ...

6 months ago

RBI ISSUES GUIDELINES FOR 24/7 DIGITAL BANKING UNITS

Context The Reserve Bank of India declared that existing banks could establish digital banking units to provide products and services 24 hours a day, seven days a week, in self-service and assisted mo ...

6 months ago

INDIA SUCCESSFULLY TESTED THE PINAKA MK-I (ENHANCED) ROCKET SYSTEM IN FLIGHT

Context The Indian Army and the Defence Research and Development Organization successfully flight-tested a new variant of the Pinaka rocket system at the Pokhran firing ranges. Pinaka Mk-I (Enhanced) ...

6 months ago

"HOMOEOPATHY: PEOPLE'S CHOICE FOR WELLNESS" SCIENTIFIC CONFERENCE - SCIENTIFIC CONVENTION

Context Sarbananda Sonowal, Union Minister of AYUSH, has opened a two-day scientific symposium in New Delhi on' Homoeopathy: People's Choice for Wellness.'  Key Points To commemorate World Homoe ...

6 months ago

THE 'AVSAR' SCHEME BY AAI FOR SHGS

Context The Airport Authority of India (AAI) established the "AVSAR" project to support and develop women, artists, and craftspeople. AVSAR stands for 'Airport as a Venue for Skilled Artisans of the R ...

6 months ago

SRI LANKA'S FOREIGN DEBT AND REMEDIES IN 2022

Context Protests against Sri Lankan President Gotabaya Rajapaksa's handling of the island country's increasing economic crisis turned violent, with hundreds of protestors clashing with police for seve ...

6 months ago

Provide your feedback on this article: