MUMBAI, July 23 — India slashed import duties on gold and silver to 6 per cent from 15 per cent, a move that industry officials say could boost retail demand and help curtail smuggling in the world’s second-biggest consumer of bullion.
Higher demand for gold from India could boost global prices, which hit a record high this year, although that could widen India’s trade deficit and put pressure on the ailing rupee.
“To enhance domestic value addition in gold and precious metal jewellery, I propose to reduce customs duties of gold and silver to 6 per cent,” Finance Minister Nirmala Sitharaman said in a budget speech today.
She also announced an import duty exemption for 25 critical minerals, including lithium. India has been exploring ways to secure supplies of lithium, a critical raw material used to make electric vehicle batteries. — Reuters
