Sachin Jain, Regional CEO, India, World Gold Council said,
“The fiscal budget announced by Finance Minister Nirmala Sitharaman is advantageous for the gold industry as it increases disposable income, encourages spending, and promotes economic growth across various income levels. The omission of TCS above certain limits reduces compliance burdens and enhances the ease of doing business.
Creation of Export Promotion Mission, National Manufacturing Mission furthering “Make in India”, the National Centres of Excellence for Skilling encouraging MSME’s and digital public infrastructure ‘BharatTradeNet’ for international trade will support the Indian gold industry and enhance its crucial role in contributing to Viskit Bharat 2047.
Simplification and reduction of taxes positively impact the Indian middle class and salaried individuals, while also supporting farmers, businesses, and investments. With a focus on financial empowerment and ease of living, the government aims to foster innovation, artificial intelligence, infrastructure development, and inclusive economic growth.
Overall, this consumption-led budget prioritises both investments and spending, with the increase in disposable incomes due to an enhanced tax exemption limit expected to boost overall consumer demand, including that for gold and jewellery.”
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