Gems & jewellery exports decline to 13.6% in Jan
Updated: Feb 19, 2014 12:15:23pm
New Delhi, Feb 19 (KNN) Owing to the restrictions on gold import by the government, India’s Gems and Jewellery exports fell 13.6 per cent in January as compared to same period last year.
The exports had fallen to Rs 15,098 crore in January against Rs 17,485 crore a year ago, said the Gems & Jewellery Export Promotion Council.
For the first 10 months (April to January) of the financial year, jewellery exports reported a decline of two per cent to Rs 1,63,943 crore against Rs 1,67,670 crore a year ago.
Besides, gold jewellery exports from April to January fell 44.42 per cent to Rs 33,178 crore from Rs 59,693 crore from the corresponding period of the previous fiscal.
In January, exports plunged 23 per cent to Rs 2,994 crore compared to Rs 3,899 crore a year ago.
Meanwhile, Finance Minister P Chidambaram on Monday said that the government will look into relaxing gold imports after weighing all pros and cons.
This financial year, India’s Current Account Deficit has been contained at USD 45 billion, almost half of what it was earlier and the exchange rate has also stabilised.
India is a net importer of gold. High gold import was one of the major contributors towards country’s high record CAD of USD 88 billion in the last fiscal.
In the first two months of the current fiscal, gold imports had crossed 300 tonne.
The Finance Minister also indicated the CAD may further fall below USD 45 billion. (KNN/SD)
The exports had fallen to Rs 15,098 crore in January against Rs 17,485 crore a year ago, said the Gems & Jewellery Export Promotion Council.
For the first 10 months (April to January) of the financial year, jewellery exports reported a decline of two per cent to Rs 1,63,943 crore against Rs 1,67,670 crore a year ago.
Besides, gold jewellery exports from April to January fell 44.42 per cent to Rs 33,178 crore from Rs 59,693 crore from the corresponding period of the previous fiscal.
In January, exports plunged 23 per cent to Rs 2,994 crore compared to Rs 3,899 crore a year ago.
Meanwhile, Finance Minister P Chidambaram on Monday said that the government will look into relaxing gold imports after weighing all pros and cons.
This financial year, India’s Current Account Deficit has been contained at USD 45 billion, almost half of what it was earlier and the exchange rate has also stabilised.
India is a net importer of gold. High gold import was one of the major contributors towards country’s high record CAD of USD 88 billion in the last fiscal.
In the first two months of the current fiscal, gold imports had crossed 300 tonne.
The Finance Minister also indicated the CAD may further fall below USD 45 billion. (KNN/SD)
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