Gold Duty Cut Will Ease Mangalsutra Purchases for Women, Says Union Minister Piyush Goyal

Union Commerce Minister Piyush Goyal recently highlighted the benefits of a significant reduction in gold import duties. Speaking at an event by Malabar Gold and Diamonds, he mentioned that women can now purchase heavier mangalsutras without financial strain. "Our sisters will not have a problem with buying their mangalsutras," he stated, noting a surge in business following the duty cut.

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Earlier this month, Finance Minister Nirmala Sitharaman announced a reduction in customs duty on gold from 15% to 6%. This decision has been well-received within the gold industry, which had long advocated for lower duties. Goyal remarked that discussions about duty cuts were frequent among industry stakeholders.

Gold Industry and Tourism Promotion

Goyal urged the Gold and Jewellery Export Promotion Council to promote Indian tourist destinations through jewellery outlets abroad. He believes this initiative will benefit both the country and the jewellery sector. The minister emphasised the importance of collaboration among various entities to support causes like girls' education.

At the Malabar event, scholarships for over 21,000 female students were announced. Goyal encouraged the company to expand its scholarship programme as profits grow. He praised Malabar's commitment to corporate social responsibility, noting their pledge to allocate 5% of profits, which will exceed Rs 100 crore this year.

The minister's remarks underscore the positive impact of policy changes on consumer affordability and industry growth. By reducing gold import duties, the government aims to stimulate economic activity and support social initiatives.