India's gold imports witnessed a steep decline by 99.99 per cent in April (year-on-year basis), the lowest in three decades as the country went through a lockdown to check the spread of coronavirus, news agency Reuters reported. Reuters cited a government official as saying that the imports registered a drop to $2.84 billion from $3.97 billion a year ago.
According to the news agency, India just imported 50 kilogram of gold in April, down from 110.18 tonne during the same month last year.
Both domestic and international flights have been grounded as the nation tries to check the spread of coronavirus.
India is currently in its third phase of lockdown, which is scheduled to go on till May 17. Significant relaxations have been allowed during the latest round of lockdown, as the economy gears itself to open up after more than a month of staying shut.
The first phase was announced by Prime Minister Narendra Modi on March 24, followed by the second round which began on April 15.
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