Representative image Former Union minister P Chidambaram has suggested that there must be technological upgradation, lesser tariff control, and upscaling of the garment manufacturing units for the growth of the apparel sector in the country. Noting that the Union govt has not taken steps to facilitate the growth of the apparel industry, despite declining exports,…
NEW DELHI: Despite the food department’s advisory to edible oil industry associations to ensure no increase in prices during the festive season and the subsequent request of the associations to companies, the price of major oils have increased by Rs 8-22 per litre. The department had urged industry to maintain the prices considering that there…
Representative Image After the sharp reduction in import duty announced in the Union Budget, the revenues of organised gold jewellery retailers will increase 22-25 per cent this fiscal (year-on-year) – a solid 500-600 basis points (bps) more than the 17-19 per cent expected earlier, a report showed on Monday. The incremental growth will be driven…
The World Gold Council (WGC) has raised its projection for India‘s gold consumption in 2024 to 850 tonnes from 750 tonnes. A good monsoon coupled with a duty cut on gold will drive the demand, said John Reade, market strategist-Europe and Asia, World Gold Council. “Jewellery will drive this higher demand of gold in India…
Representative Image Gold demand in India during the upcoming festive season is likely to remain robust, as the substantial reduction in import duty has made prices appealing, providing comfort to retail consumers and encouraging purchases, industry officials said. Higher demand in the world’s second-largest gold consumer could support a rally in global prices, which hit…
Representative photo India’s gold demand in the June quarter fell 5% from a year ago, but consumption in the second half of 2024 is set to improve due to a correction in local price following a steep reduction in import taxes, the World Gold Council (WGC) said on Tuesday. Higher purchases in the world’s second-biggest…
Representative image Budget 2024 proposes to cut the customs duty to 6% on Gold and Silver. Moreover, the finance minister has also proposed to reduce customs duty on platinum to 6.4%. Mahendra Luniya, chairman & founder of Vignaharta Gold said that in FY23, India’s gold imports totaled an estimated Rs 2.8 lakh crore and at…
Gold demand in India fell up to 15% year-on-year in the April-June quarter, with consumers shying away from the precious metal as prices escalated. With very few wedding dates in July, demand for gold jewellery has not picked up this month either, although some jewellers said certain markets saw sporadic sales increases due to the…
Representative Image New Delhi: Gems and jewellery exporters on Tuesday sought a reduction in import duty on hold, silver, and platinum bars to 4 per cent in the forthcoming Budget. In a pre-budget meeting with Finance Minister Nirmala Sitharaman here, the Gems and Jewellery Export Promotion Council said the Indian gems and jewellery industry contributes…
Representative Image New Delhi The U.S. industry body Cotton Council International (CCI) has called on the Indian government to remove the 11 per cent import duty on short staple cotton to reduce prices for the Indian textile industry, during a roundtable organized by CCI on Tuesday. This request follows the February decision to remove the…
