In the third term of the Modi government, Finance Minister Nirmala Sitharaman has given a big gift to women by presenting the Union Budget 2024. The government has proposed to reduce customs duty on women’s favourite items i.e. gold and silver to 6%. This will make it cheaper to buy gold and silver. Its maximum benefit will be on purchases made during weddings and festivals. If women buy gold worth up to Rs 1 lakh, they will be able to directly save up to Rs 6,000 on it.
Apart from gold and silver, the Finance Minister has also announced that the customs duty on platinum will be increased to 6.4%. Customers will benefit from this. Industry experts say that demand will increase due to the reduction in precious metal prices. People will buy gold and silver quickly, which is expected to lead to a boom in the industry. Also, companies that do business with gold will benefit from the increased sales.
The merchants had been appealing for a long time
The gemstone and jewellery industry has long been demanding a reduction in customs duty on expensive metals like gold, silver and platinum. Earlier, customs duty on these metals was levied at 15 per cent, on which traders argued that due to their higher value, the financial burden was increasing. Keeping in view this appeal of traders, Finance Minister Nirmala Sitharaman has finally announced a relief in the 2024 budget.
Women will get relief by buying jewelry
The Modi government’s decision to reduce customs duties on precious metals in this budget will provide relief to women and investors. This decision by the government comes at a time when gold and silver prices in India are touching record highs. Gold prices have increased from Rs 63,870 to around Rs 73,000 per ten grams in early 2024. But in the meantime, this price increase is expected to moderate due to the reduction in customs duties. This is a great buying opportunity for those women who were waiting for a long time for the price of gold and silver to come down.
