The Finance Minister’s announcement about Government to soon come-up with a gold monetization scheme is a victorious decision for the gems and jewellery sector, said Nitin Khandelwal, Chairman, All India Gems and Jewellery Trade Federation (GJF) commenting on the budget.
However, Khandelwal said, the gems and jewellery sector was expecting a cut in import duty of gold in the new fiscal year, but the industry is confident that sooner or later government will acknowledge this.
GJF welcome’s the budget and feels the budget will help boost the gems and jewellery sector.
Nitin Khandelwal, Chairman said, “The government has made excellent reforms for agriculture and rural sector which is one of the highest contributors to the GDP of our country. These reforms will empower rural consumer through improved earnings. This will in turn help the jewellery sales in rural sector. The proposed Comprehensive Gold Policy, Gold spot exchange and Gold deposit account will be very beneficial for the Industry. We also welcome the reduction in corporate tax to 25 percent for companies with turnover of over 250 crore.”
Sreedhar GV, Director and Past Chairman, GJF said, “It is a welcome budget for the entire gems and jewellery sector. Government has been very assertive on the demands from the jewellery sector and have heard our voices. Gold monetization scheme was a request which the industry demanded and we are happy that government will soon have a revamp the existing gold monetization scheme.”