Quote on Union Budget for 2010-11 by Mr Mehul Choksi CMD, Gitanjali Group
and Chairman, FICCI Gems & Jewellery Committee
"The overall thrust of the budget is positive and it will provide a boost to domestic consumption and growth. The revised tax rates will certainly mean greater disposable income for domestic consumption.
Specific to the gems and jewellery sector, the extension of the interest subvention for another year is welcome. This will provide an important stimulus to the export sector and boost growth and revival after the slowdown of last year.
Regarding the hike in Customs Duty on precious metals, the increase in the duties on gold and platinum (from Rs 200 per 10 gms to Rs 300) is on par with the rise of prices of these metals. However the hike in duty rates on Silver from Rs 1000 per kg to Rs 1500 per kg is excessive.
Also welcome the reduction from 10% to 2% on the import of rhodium which is a raw material used in manufacturing. The reduction in the duties on raw gold to Rs 280 per 10 gms is also welcome."
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