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According to the reports of PTI, The commerce ministry has sought a reduction in the import duty on gold in the budget with a view to push exports and manufacturing of the jewellery sector.
The export of gems and jewellery increased by 2 per cent to USD 26.45 billion in April-November while gold has reduced by 18.13 per cent to USD 27.21 billion from April-November this fiscal.
In order to deal with the country’s current account deficit and rising import of gold, GoI increased gold import duty by 15 per cent. The basic customs duty on gold is 12.5 per cent.
A source told PTI: “As the gems and jewellery industry has recommended the commerce ministry for a cut in the duty, the commerce ministry has urged the finance ministry for the same. The ministry has also asked for tweaking import duty on certain other products to boost manufacturing and exports.”
According to the Gems and Jewellery Export Promotion Council (GJEPC), India has the capabilities to be the repair hub of the world and this policy can help increase exports by up to USD 300-400 million.
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