Ministry wants cut in import duty on gold

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 Ministry wants cut in import duty on gold

In view of dismal performance of our Gem and jewellery sector in the global market, the commerce and industry ministry has urged the finance ministry to reduce the import duty on gold to increase the competitiveness. However, the minister was aware of the fact that the import of yellow metal had an adverse impact on India’s current account deficit and the finance ministry would have to take into account that fact as well. 

As far as  government data is concerned, it suggests that the country’s gold imports was reduced to almost half in September this year to $2 billion, as against $3.783 billion in the year-ago period. Besides, labour intensive gems and jewellery exports in October dipped by about 13 per cent to $3.48 billion. India is the largest importer of gold in the world, which mainly caters to the demand of the jewellery industry.  

On the flip side, highlighting the government’s efforts on the country’s overall exports, Sitharaman said the government has announced benefits such as 3 per cent interest subsidy and enhanced duty drawback rates to push exports. She further said that the Commerce Secretary is going around to all the states to talk with the state industries to discuss ways to enhance exports.



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