Mr Chetan Thadeshwar, Chairman & Managing Director, Shringar House of Mangalsutra Ltd
“As we approach Union Budget 2026, the broader macro-economic priority should be to strengthen domestic consumption, as consumer demand continues to be the primary growth engine for India’s jewellery industry.
With inflationary pressures impacting household purchasing power, a consumer-friendly budget through rationalisation of gold import duties, stable indirect tax structures, and measures that enhance affordability can significantly revive discretionary spending.
Increased demand will have a strong multiplier effect across the jewellery value chain, supporting manufacturing, retail, exports, and large-scale employment.
At the industry level, predictable and growth-oriented policies are essential for enabling long-term planning and investment. Enhanced access to working capital, continued focus on skill development, and incentives aligned with the ‘Make in India’ vision will further strengthen India’s position as a global jewellery manufacturing hub.
For culturally significant categories such as mangalsutra often the first jewellery purchase in an Indian wedding supporting value-driven, lightweight and daily-wear segments will help balance tradition with evolving consumer preferences. A demand-led, stable, and inclusive budget will be critical in ensuring sustainable growth for both consumers and the industry at large.”
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