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Reduction in Gold Imports
March 18 , 2020
1759 days
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- The Commerce Ministry reported that the gold imports for the period April to February (2019-20) has reduced by 8.86% as compared to the previous year.
- India is the largest importer of gold in the world.
- Indian economy has been facing increased Current account deficit due to import of gold and fuel.
- The Current account deficit is the difference between money flowing in on exports and the money flowing out on imports.
- A country with increasing Current account deficit means that it is becoming uncompetitive.
- It also means that investors are not willing to invest.
- Therefore, reducing gold and oil imports will reduce Current account deficit.
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