00:00In India, gold import has become a very big issue, people's attraction to gold is increasing.
00:10In November, the import of gold was 14.8 billion dollars, which is 331% more than last year's November.
00:19In November, the total import of products was 70 billion dollars and the share of gold was 21%.
00:26In November, the total import of gold was 37.8 billion dollars, which is the highest level so far.
00:35It is hoped that the budget will be presented in the coming year 2025 and the import duty on gold can be increased during that time.
00:43So let's tell you in detail in this video what will be the impact of this decision on the Indian market and the economy.
00:50It is believed that in the last 2-3 months in the share market, due to heavy declines, investors' attraction to gold is increasing.
00:58On the other hand, in November, the export of products was 32.11 billion dollars, which is 4.83% less than last year's November.
01:09In November, the export of petroleum products fell by 49% compared to last year's November and mainly due to this, the total export of products fell.
01:20According to the Ministry of Commerce data, in the current financial year, that is, April-November 2024, the total import of products was 486 billion dollars and more than 10% of it is gold.
01:35This year, in April-November, the import of gold was 49 billion dollars.
01:40However, the Ministry of Commerce says that the increase in the price of gold is also showing an increase in the import of gold.
01:47On the basis of export in November, the good thing was that the increase in the export of employment goods is going on.
01:54In November, 13.75% in engineering goods, 54.72% in electronics goods, 10% in ready-made garments, 5% in man-made yarn fabric, 15% in tea, 16% in coffee, 95% increase in rice export.
02:13Now if we talk about the gold mine, in the last 5 years, an increase of about 40% in India's gold mine.
02:21On June 30, 2024, where India's total gold reserve was 661.41 metric tons, according to the data, it increased to 822.10 metric tons by March 31, 2024.
02:37In this duration, not only the gold mine of India, that is, the physical holding, was increased, but also the domestic gold holding of India was seen to increase.
02:48On the other hand, according to the annual report of RBI in 2023, India's total gold reserve or gold mine is 822.10 metric tons,
02:58in which the total gold reserve kept in India is 408.31 metric tons, which is about 50% of the total gold reserve of RBI.
03:09It is hoped that in the coming budget, the decision to increase the import duty on gold can be taken.
03:17So what is your opinion on this? Give us your opinion in the comment box and keep watching Good Returns for such updates.
03:23Don't forget to like and subscribe to our channel.
Comments