Cut in gold import duty will curb smuggling, boost jewellery exports: Goyal

The announcement in the Budget to cut import duty on gold will help boost domestic manufacturing and promote jewellery exports, Commerce and Industry Minister Piyush Goyal said on Tuesday.

He also said that the decision for the removal of angel tax will further strengthen the startup ecosystem in the country.

"The gold import duty cut to 6 per cent will promote the manufacturing of gold and silver jewellery. It will also contain smuggling," Goyal told PTI.

He added that the gold prices are high and the marriage season is coming and this move would help the people.

Presenting the Union Budget 2024-25 on Tuesday, Finance Minister Nirmala Sitharaman said that to enhance domestic value addition in gold and precious metal jewellery in the country, the government has proposed to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent.

Giving a big relief to startups, the government on Tuesday announced the removal of angel tax for all classes of inves