Piyush Goyal Highlights Budget's Positive Impact on Gold Jewellery Industry and Startups

Commerce and Industry Minister Piyush Goyal emphasized that the recent Budget's import duty cuts on gold will boost domestic manufacturing and jewelry exports. He also highlighted the removal of angel tax as a boost to startups. The changes aim to align domestic gold prices with global rates while supporting the economy.

Commerce and Industry Minister Piyush Goyal stated on Tuesday that the Budget's decision to cut import duty on gold will significantly enhance domestic manufacturing and promote jewelry exports.

He also mentioned that removing the angel tax would strengthen the country's startup ecosystem.

'The reduction of gold import duty to 6% from 15% will boost the manufacturing of gold and silver jewelry and curb smuggling,' Goyal told PTI.

He pointed out that, with high gold prices, this move is timely as the marriage season nears.

Presenting the Union Budget 2024-25, Finance Minister Nirmala Sitharaman proposed lowering customs duties on gold and silver to 6% and platinum to 6.4% to enhance domestic value addition.

Goyal noted that the economy is in a strong position, with robust foreign exchange reserves, making it an opportune time for these changes.

'Duty reduction in gold and silver will generate employment and business growth. Value addition in gold jewelry will also boost exports, including e-commerce,' the minister added.

He mentioned that the Budget inclusively addresses all societal sectors, with a focus on capital expenditure to cut logistics costs and boost manufacturing and exports.

Regarding foreign direct investment (FDI), Goyal noted that the government is working on simplifying rules and processes to facilitate smoother inflows.