Budget hopes: Jewellers in Surat seek import duty cut on gold

Surat, Feb 25 (ANI): With the Narendra Modi government all set to present its first full-fledged budget, jewellers in Surat pin their hopes on Finance Minister Arun Jaitley to cut down the import duty on gold. The present 10 per cent import duty on gold was set in 2013 by the previous Congress party-led government as part of efforts to cut the current account deficit. Jaitley will on February 28 present his first full-year budget, seeking to put Asia's third-largest economy on a path of 7-8 percent growth over the next two years. A jeweller, Milan Shah, said on Tuesday that the high import duty was discouraging NRIs to buy jewellery from India. Gold is a popular gift at weddings in India and is also bought for auspicious occasions and hence reducing the import duties is the only way to revive the declining imports. Feb 25, 2015
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