INSUBCONTINENT EXCLUSIVE:
The country's gold imports dipped about 3 per cent in value terms to $32.8 billion during 2018-19.The proposed increase in gold import
duty in the Union budget from 10 per cent to 12.5 per cent will "negatively impact" the yellow metal industry in India, stakeholders said on
import duty hike will negatively impact India's gold industry
This will impede efforts to make gold as an asset class particularly when gold prices are already rising globally," World Gold Council India
Managing Director Somasundaram PR said reacting to the budget proposal
Director, Kalyan Jewellers, said the hike in custom duty may affect" short term sentiments on gold buying and lead to an increase in the
"disappointing", All India Gem and Jewellery Domestic Council (GJC) Vice-Chairman Shaankar Sen said, "We had proposed to reduce the import
duty on gold gradually to 4 per cent
But, the Centre proposed to increase it by 2.5 per cent, which will have an adverse impact on demand for gold jewellery as the raw material
attractive so that the industry could get better access of domestic gold as raw material
Usually, increase of gold imports widen the Current Account Deficit, the difference between outflow and inflow of foreign exchange in the
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