GJEPC confident Union Budget will increase India’s domestic growth potential

The Gem and Jewellery Export Promotion Council’s chairman Vipul Shah has welcomed the 2025 Union Budget and expects it to boost domestic growth and trade with its focus on global competitiveness and micro, small, and medium enterprises. 

“Union Budget presented by honourable finance minister Smt. Nirmala Sitharaman puts India in the growth path to Viksit Bharat,” announced the GJEPC‘s chairman Vipul Shah in a press release. “The Budget reforms will help to realise India’s domestic growth potential and unveil a new trade roadmap to navigate global uncertainties.”

Shah welcomed the budget’s reduction of silver duties and decision not to hike gold and silver duties. Shah also commended the budget’s creation of new tariff items in its ‘Chapter 71’ to distinguish precious metals which contain 99.9% or more by weight of silver, 99.5% or more by weight of gold, and 99% or more by weight of platinum. 

“The government’s stable approach on duties and levies across gem and jewellery products will enhance ease of doing business,” said Shah. “The basic customs duty rate has been reduced from 25% to 5% on platinum findings classified under 7113 will enable consumers to get a new product and increase affordable jewellery sales.”

The GJEPC has welcomed the digital public infrastructure named ‘BharatTradeNet’ for global trade which will be established as a unified platform for trade documentation and financing solutions. “The announcement of National Manufacturing Mission and the National Centres of Excellence Skilling furthering ‘Make for India, Make for the World’ is positive and is set to have direct  benefit to the sector,” said Shah.