Due to the significant narrowing of trade deficit, India recorded a current account surplus of $ 0.6 billion or 0.1 per cent of GDP for the January-March quarter against a deficit of $4.6 billion or 0.7 per cent of GDP in the year-ago period, the Reserve Bank of India has said.
Gold imports had been recording a negative growth since December last year. The fall in March, April and May was to the tune of 62.6 per cent, 99.93 per cent and 98.4 per cent, respectively.
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry.
In volume terms, the country imports 800-900 tonne of gold annually.
Gems and jewellery exports declined 82.46 per cent to $1.1 billion in April-May 2020.
Similarly, silver imports during the first two months of 2020-21 also dipped by 30.7 per cent to $437.89 million.