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Gold prices slip after Nirmala Sitharaman announces import duties cut in Budget
Gold and jewellery retailers surged in the stock market after Nirmala Sitharaman's announcement during her budget speech.
Finance minister Nirmala Sitharaman on Tuesday announced a cut in import duties on precious metals gold and silver from 15 per cent to 6 per cent.
“To enhance domestic value addition in gold and precious metal jewellery, I propose to reduce customs duties of gold and silver to 6%,” the minister said in her Union Budget 2024 speech in Lok Sabha.
After the government's announcement, shares of gold and jewellery retailers surged in the stock market, while gold futures was trading down around 5%.
ALSO READ: Budget 2024 key announcements: Here's what Nirmala Sithraman said in speech
On the Bombay Stock Exchange, the shares of Senco Gold zoomed 6.16 per cent to trade at ₹1,000.80 apiece, Rajesh Exports surged 5.49 per cent to ₹313.90 and PC Jeweller jumped 5 per cent to trade at ₹74.16 -- also its upper circuit limit, PTI reported.
Also, shares of Titan Company climbed 3.66 per cent to ₹3,371.65 per piece, Tribhovandas Bhimhji Zaveri rose 2.79 per cent to ₹140.20, and Kalyan Jewellers India gained 1.54 per cent to ₹537.05 apiece on the bourse, the PTI report added.
Other Budget 2024 announcements
The finance minister said steel and copper are important raw materials, further announcing the removal of basic customs duty on ferro nickel and blister copper.
"I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," Sitharaman said in her statement.
The biggest relief in the Budget 2024 came for the middle class, as Sitharaman upped standard deduction by 50 per cent to ₹75,000. She also tweaked tax slabs under the new income tax regime.
ALSO READ: Old vs proposed income tax slabs under new regime. What has changed?
She said salaried employees in the new tax regime could save up to ₹17,500 in income tax annually following the changes announced in the Budget.
The standard deduction for salaried employees is proposed to be increased from ₹50,000 to ₹75,000 annually. Similarly, deduction on family pension for pensioners is proposed to be enhanced from ₹15,000 to ₹25,000.
