Budget may lower gold import duty from 12.5% to boost jewellery exports

摘要

Union Budget 20-21 is likely to cut the import duty on gold from the current 12.5 per cent with a view to push exports of jewellery despite the reduction likely affecting the current account deficit, people in the know of matters said. India is the largest importer of gold and gold imported is used to meet the demand of the jewellery industry. Gems and jewellery exports declined about 1.5 per cent to $20.5 billion in April-November this fiscal.