Mr. Amarendra Vummidi, Managing Partner, Vummidi Bangaru Jewellers
“We welcome and commend the government’s efforts to reduce income tax for the middle-class households which would facilitate more savings and also increase their purchasing power.
This step will make a positive impact on several industries. The reduction of the Basic Customs Duty on Platinum findings from 25 per cent to 6.4 per cent is a welcome step for the jewellery industry resulting in a drop in the overall cost of platinum while attracting more customers.
This inclusive budget with special focus on investing in people by setting up National Centres of Excellence for skilling with global expertise and partnership will strengthen many industries including gems and jewellery industry. This initiative of the government is anticipated to strengthen the industry by fostering a skilled workforce equipped with global competencies.”
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