Gold Focus: Items tagged with "nirmala sitharaman"

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Mukesh Kumar
Market Intelligence Group
World Gold Council

India’s gold import duties rise

Summary

  • On 6th July, India’s gold import duty increased from 10% to 12.5% as part of a revenue-raising budget
  • We believe it will have a negligible long-term effect on gold demand
  • We think it may be a temporary measure: when the government’s books are in better shape we may see some of these tax increases rolled back
  • The market will be supported by other government initiatives, including the structural reforms such as the India Gold Spot Exchange and plans to boost rural incomes