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July 24, 2024 8:18 AM

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Indian Diaspora Welcomes Budget 2024, Applauds Focus on Economic Growth and Innovation

The Indian diaspora has warmly embraced Budget 2024, commending its emphasis on economic growth and innovation. The government’s dedication to infrastructure development and digital initiatives has garnered widespread approval, with many viewing these as vital for boosting India’s global competitiveness. A standout feature for the diaspora is the significant reduction in gold import duty from 15% to 6%, applicable to both gold and silver.

 

This move is seen as particularly beneficial for Non-Resident Indians (NRIs) bringing gold into India and is expected to invigorate the jewelry industry. Dubai, a major source of gold imports to India due to price differentials, may see shifts in buying patterns. The reduced import duty could prompt price-sensitive Indian consumers to reevaluate their preferred gold shopping destinations, potentially altering established market dynamics.