Budget 2023 Expectation: Commerce Ministry seeks cut in gold import duty in budget to push jewellery exports
Budget 2023 Expectation: Gold imports have a bearing on the current account deficit (CAD). India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually.
Commerce ministry has sought a reduction in the import duty on gold in the forthcoming budget with a view to push exports and manufacturing of the gems and jewellery sector. Image Source: Reuters