In response to India’s Union Budget 2024, Mr Saiyam Mehra, Chairman of the All India Gem & Jewellery Domestic Council (GJC), praised the government’s decision to reduce essential customs duties on gold, silver, and platinum.
This reduction, from 10% to 6% for gold and silver and 6.4% for platinum, fulfils a long-standing industry demand, benefiting domestic manufacturers, especially SMEs. Mehra highlighted the move as crucial in encouraging businesses to formalize operations and expand.
Furthermore, Mehra appreciated the budget’s provisions for increased working capital loans to SMEs and MSMEs, foreseeing improved business growth opportunities. He lauded the extension of direct benefit transfers to the manufacturing sector, predicting accelerated employment generation.
Reflecting on the broader implications, Mehra emphasized the alignment of the budget with the government’s ‘Viksit Bharat’ agenda, a comprehensive economic development plan aimed at fostering growth and prosperity across all sectors. He identified the budget as a pivotal step forward in realizing this vision.
Mr. Rajesh Rokde, Vice Chairman of GJC, echoed these sentiments, emphasizing the positive impact of reduced customs duties on gold, silver, and platinum.
Rokde noted that these measures would stimulate consumer interest in gold investments and boost household savings and investments, reassuring the public.
Additionally, Rokde praised the expansion of working capital loans and increased the personal income tax exemption limit.
He predicted that these moves would enhance consumer spending power and bolster savings, as individuals would have more disposable income to spend on goods and services and save for their future.
Both leaders concluded by commending Finance Minister Nirmala Sitharaman for presenting a budget that addresses key industry demands, supports economic growth initiatives, and elicits appreciation from the audience.
