Union Budget 2024 | 'Urge government to reduce import duties on gold, silver, and platinum bars': Malabar Group Chairman

'We also recommend allowing globally recognized diamond broking and trading houses to operate in Special Notified Zones (SNZs),' he added.

The Union Budget will be presented on July 23.

Ahead of the budget the Chairman of Malabar Group MP Ahammed said, "We are optimistic about the upcoming budget and hopeful that it will address several crucial points for our sector. We urge the government to reduce import duties on precious metals, specifically gold, silver, and platinum bars. This reduction is essential to curb gold smuggling, which has seen an unprecedented increase. The duty reduction will also release the duty blockage, providing more working capital for the industry. Additionally, introducing a duty drawback on exports will help us leverage the India-UAE Comprehensive Economic Cooperation Agreement, giving industry players a competitive edge, boosting exports, and generating employment in the sector."

"We also recommend allowing globally recognized diamond broking and trading houses to operate in Special Notified Zones (SNZs), enhancing their scope. This move will increase our global competitiveness, unlock the untapped export potential for gold jewellery, and contribute to the growth and sustainability of the jewellery retail industry. We look forward to positive steps in this direction in the upcoming budget," he added.

Finance Minister Nirmala Sitharaman presented the interim Budget on February 1, 2024. Ahead of the Union Budget 2024 presentation, news emerged that Prime Minister Narendra Modi may face troubles this time, to accommodate the wishes of his alliance partners JD(U) chief Nitish Kumar and TDP supremo Chandrababu Naidu. However, it is more likely that the Budget will be a feel-good one, coming on the back of the Rs 2.11 lakh crore record dividend to the union government from the RBI.

Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.