In the corresponding period a year ago, gold imports amounted to USD 15.8 billion (around Rs 1,10,259 crore).
Likewise, silver imports in April-September 2020 also fell 63.4% to $ 733.57 million (around Rs 5,543 crore), according to the data.
The drop in gold and silver imports helped reduce the country’s trade deficit, difference between imports and exports, to USD 23.44 billion in April-September 2020-21 from USD 88.92 billion there is one year old.
India is the biggest importer of gold, which mainly meets the demand of the jewelry industry. In terms of volume, the country imports 800 to 900 tonnes of gold per year.
Exports of gemstones and jewelry fell by around 55% to USD 8.7 billion in April-September 2020 amid the pandemic.