In India Gold is Always Considered the Best Investment Option. This also affects the Fiscal Deficit of India. During Corona Pandemic we have seen Many Ups and Downs in the price of Gold. In the First Quarter of FY21 i.e. April- June 2021 Quarter Unexpected Growth was seen in the Import of Gold. In Just 3 Months we Indian Imported Gold Worth 7.9 Billion dollars. In Indian Currency, it is around Rs 58,572.99 Crore.
According to data of Financial Ministry In the Last Financial Year i.e. in FY 2020-21 due to Restrictions in the Corona Pandemic Import of gold fell down up to 68.8 Billion Dollars. In INR it is Rs 5,208.41 Crore. Import of Silver Decreed by 93.7% and remained 3.94 Crore Dollars. But in the First Quarter of FY2021-22, this Import of gold Inctrsed the Fiscal DEficit of Country. Fiscal Deficit happens when Import of Country Increased and Export of Country Decreased. In the Current Quarter, the Fiscal Deficit of India becomes 31 Billion Dollars.
India Imports 800-900 Ton Gold Every Year
India is the Largest Importer of Gold. the Major Reson of this Is We Indians are fond of Gold. In Every Marriage, we Indians exchange Gold Rings, Gold Jewelleries. India Maily Imports Gold for Making Jewellery. In the April-June Quarter of FY2021-22 Imports of gems and Jewelleries Becomes 9.1 Billion dollars. In the Last Fiscal Year, it was 2.7 Billion dollars.
What is the Price of Gold?
Currently, the Price of Gold is Decreasing. For 10 Gram of Gold, you need to pay Rs 47,526. According to Experts Decline in the Price of Gold Is Temporary. Investors can accumulate gold at Current Levels. We can see a soar in Gold Price in the Future. In Near Future Gold Price can go up to Rs 48,500 per 10 Gram.