Piyush Goyal Announces Key Reforms To Bolster Startups And Jewellery Industry
Date
7/29/2024 11:17:14 PM
(MENAFN- KNN India)
New Delhi, Jul 29 (KNN) In a move set to benefit both startups and the gems and jewellery sector, Commerce and industry Minister Piyush Goyal announced significant changes in customs duty and angel tax policies.
Speaking at a post-budget interaction with industry leaders in Mumbai, Goyal highlighted key points from the Budget 2024-25.
The reduction of customs duty on Gold and silver from 15 per cent to 6 per cent is expected to provide a dual benefit. "This will not only help small artisans but also promote the country's gems and jewellery exports," Goyal stated.
The move is particularly significant for India's diamond industry, where the country is a global leader in cutting and polishing.
In a major relief for startups, the budget has removed the angel tax for all classes of investors. Introduced in 2012 by the UPA government, this tax had been a point of contention for many emerging businesses.
"Through this, we will be able to attract investors into the country," Goyal emphasised, underlining the potential for increased foreign investment.
The minister also touched upon other budget highlights, including plans to establish 12 industrial townships across India, with one slated for Maharashtra. These developments are expected to create jobs and strengthen the industrial ecosystem.
Additionally, the budget introduces measures to promote diamond trade, including provisions for safe harbour rates for foreign mining companies selling raw diamonds in India.
As these policy changes unfold, their impact on startups, artisans, and the broader economy will be closely watched by industry experts and stakeholders alike.
(KNN Bureau)
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