Gold and Silver Import Duty Cut
Finance Minister Nirmala Sitharaman, in her Union Budget 2024 speech on Tuesday, announced significant cuts in import duties on gold and silver. This move is aimed at enhancing domestic value addition in gold and precious metal jewelry.
Key Announcements
Gold and Silver Import Duty Cut
The import duties on gold and silver have been reduced from 15% to 6%. “To enhance domestic value addition in gold and precious metal jewelry, I propose to reduce customs duties of gold and silver to 6%,” Sitharaman said in her Lok Sabha speech.
Impact on the Stock Market
Following the announcement, shares of gold and jewelry retailers surged on the stock market:
Other Budget 2024 Announcements
Steel and Copper
Sitharaman also announced changes to customs duties on key raw materials:
Relief for the Middle Class
The biggest relief in Budget 2024 came for the middle class with the following changes:
Conclusion
The 2024 Budget brought significant changes to import duties and provided relief to the middle class. These measures are expected to boost the domestic market and provide financial relief to a broad segment of the population.
For more updates on Budget 2024 and its impact, stay tuned to our website.
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