Call for gold import duty cut
The commerce ministry has sought a reduction in import duty on gold in the forthcoming budget to push exports and manufacturing in the gems and jewellery sector, a source said.
In its budget proposals, the ministry has suggested its finance counterpart to consider a significant reduction in the import duty on the yellow metal, he said.
In the last budget, the government has increased the import duty to 12.5 per cent.
The gems and jewellery export industry has sought reduction in the import duty to 4 per cent in the budget, which is scheduled to be presented on February 1.
Gold imports in December declined sharply to 39 tonnes from 152 tonnes in November.
The imports, which have a bearing on the current account deficit, fell about 7 per cent to $20.57 billion during the April-November period of the ongoing financial year, according to commerce ministry data.
Imports stood at $22.16 billion in the same period of 2018-19.
India has imposed anti-subsidy duty for a period of five years on copper wire rods from Indonesia, Malaysia, Thailand and Vietnam after concluding a probe that these imports have impacted domestic players.
The finance ministry said it has imposed the anti-subsidy or countervailing duty after considering the findings of the commerce ministry’s investigating arm, the directorate general of trade remedies.