Proposal to cut customs duty on gold, silver, platinum in Union Budget
New Delhi: Finance Minister Nirmala Sitharaman on Tuesday proposed to reduce customs duty on gold and silver to six per cent and on platinum to 6.4 per cent to enhance value addition in precious metal jewellery. “To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duty on gold and silver to 6 per cent and on platinum to 6.4 per cent,” Sitharaman said while presenting the Union Budget 2024-25 in the Lok Sabha. Referring to other metals, she said steel and copper are critical raw materials. “To reduce their cost of production, I propose to remove BCD (basic customs duty) on ferro nickel and blister copper. I am also continuing with zero BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap,” she said. At the start of her budget speech, Sitharaman said the people of India have reposed their faith in the government led by Prime Minister Narendra Modi and re-elected it for a historic third term under his leadership.
“We are grateful for their support, trust and confidence in our policies. We are determined to ensure that all Indians, regardless of religion, caste, gender and age, make substantial progress in realising their life goals and aspirations,” she said. The minister said the global economy, while performing better than expected, is still vulnerable to policy uncertainties. “Elevated asset prices, political uncertainties and shipping disruptions continue to pose significant downside risks to growth and upside risks to inflation.” She said India’s economic growth remains a shining exception and will remain so in the years to come. He said, “India’s inflation remains low, stable and moving towards the target of 4 per cent.
Core inflation (non-food, non-fuel) is currently at 3.1 per cent. Steps are being taken to ensure that perishable supplies reach the market adequately.” The minister said the government will undertake a comprehensive review of the agricultural research system to focus on increasing productivity and developing climate-resilient varieties. “Funding will be provided in challenge mode, including from the private sector. Domain experts, both from the government and outside, will oversee the conduct of such research,” he said.
