New delhi: The Government’s Decision Last July to Reduce Import Duties On Gold Has Had A Significant Positive Impact on the Industry, and Any Increase in Tarifs in Tarifs in the Upcoming Budget Mays D Gold Council (WGC).
In an apparent request not to raise important duties on the precious metal ahead of the 2025-26 budget, Sachin Jain, Regional CEO, India, WGC, Said, “Any In-In-In In-Ins e -effects, potentially leading To an increase in smugging, higher domestic gold prises, and pushing the industry backwards. “
“It is imperative that stakeholders, include government bodies, Industry Players, and Financial Institutions, Collaborate to Sustain This Positive Momentum. The Gold Industry Continues to Thrive, Innovate and Contribute Significly to India’s Economic Development And Prosperity, “Added Jain in a Pre-Budget Note.
Similar to the last decade, jain said they were expecting Progressive, people-friendly, and Industry-Supoportive Policy Announcements. The Gold Industry Contributes An Estimated 1.3 Percent to India’s GDP and Employees Approximately 2-3 Million People. In Budget 2024, presented in July, the total customs duty on gold was lowered from 15 percent to 6 percent.
WGC has assessed that the move helped Reduce Unofficial Imports, Stabilize Official Channels, and Encourage Domestic Purchasing of Gold. The Reduction in Taxes on Gold has LED to a more Organized and Transparent Industry, Resulting in a Stronger Gold Market.
Meanwhile, the Budget Session of Parliament will begin on January 31 and according to schedule, will end on April 4. The Budget will be presented on febrory Anuary 31, Followed by the Budget Presentation on February 1.
All Eyes will be on the key announs and the government’s forward-looking economic guidance for the reminder of the modi 3.0 tenure. This upcoming budget come in the backdrop of weak gdp numbers and weak consumption in the economy.