Budget 2025, Budget News, Budget Gold Import Duty, World Gold Council: The Indian Union Budget 2025 will be presented on Saturday, February 1. Last year, the gold industry received a major boost with a substantial 9% reduction in import duties, which helped curb gold smuggling and strengthen the organized market. However, the World Gold Council (WGC) has warned that any hike in import duties in the upcoming budget could have negative consequences, potentially leading to increased smuggling, higher domestic gold prices, and a setback for the industry.
Gold prices delivered impressive returns last year and have recently crossed the ₹80,000 mark on the domestic MCX exchange, reaching new record highs.
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Sachin Jain, Regional CEO, India, World Gold Council, highlighted the importance of a stable policy environment for the gold sector, stating:
“The gold industry contributes 1.3% to India’s GDP and employs approximately 2-3 million people. The government’s decision last July to reduce import duties on gold has significantly had a positive impact on the gold industry. It has reduced unofficial imports, stabilised official channels, and encouraged domestic purchasing of gold. The reduction in taxes on gold has led to a more organised and transparent industry, resulting in a stronger gold market.
Any increase in import duties in upcoming budget may have adverse effects, potentially leading to an increase in smuggling, higher domestic gold prices, and pushing the industry backwards. It is imperative that stakeholders, including government bodies, industry players, and financial institutions, collaborate to sustain this positive momentum. By fostering a synergetic environment, we can ensure that the gold industry continues to thrive, innovate and contribute significantly to the India’s economic development and prosperity. Similar to last decade, we are expecting progressive, people friendly and industry supportive policy announcements.”
Additionally, it’s worth noting that both the commodity and stock markets will remain open for trading on Saturday, February 1, aligning with the budget announcement.
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Disclaimer:
The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here
