The demand for gold in the country has started increasing again. In March this year, the country imported 98.6 tonnes of gold, which is 8 times more than in March 2020. In March 2020, 13 tonnes of gold was imported. Imports are highest after May 2019, according to Bloomberg data. According to Bloomberg, imports in the country during the March quarter more than doubled from last year to about 190 tonnes.
In March 2021, gold worth Rs. 63 thousand crores was imported
The 98.6 tonnes of gold imported in March 2021 is worth Rs 63,000 crore. In comparison, in March 2020, gold worth Rs 9,000 crore was imported. India is the second-largest importer of gold in the world. Gold prices have fallen by more than 17% since August 2020. In addition to the wedding season, demand increased at reduced prices in festivals like Akshay Tritiya.
• The government has reduced the import duty on gold from 12.5% to 7.5%.
• Also the demand for gold is increasing due to the second wave of Corona.
Gold imports in the last 10 years
India consumes 800 tons of gold every year
India consumes 700-800 tons of gold every year out of which 1 ton is produced in India and the rest is imported. Gold imports in the country stood at 344.2 tonnes in 2020, down 47% from the previous year. In 2019, it was 646.8 tons. In 2019, it was 646.8 tons.