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      Question

      Which of the following terminology is a measurement of a

      country’s trade where the value of the goods and services it imports exceeds the value of the products it exports?
      A Current account deficit Correct Answer Incorrect Answer
      B Primary account deficit Correct Answer Incorrect Answer
      C Saving account deficit Correct Answer Incorrect Answer
      D Fiscal deficit Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      • India’s gold imports, which have a bearing on the country’s current account deficit (CAD), rose by 33.34% to USD 46.14 billion during the 2021-22. • The surge in gold imports during the last financial year contributed to the widening of the trade deficit to USD 192.41 billion, against USD 102.62 billion in 2020-21. • India is the world’s second-biggest gold consumer after China. • The gems and jewellery exports during 2021-22 grew by about 50% to about USD 39 billion. • Gold imports in volume terms stood at 842.28 tonnes in April 2021 – February 2022.

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