Jewellery fraternity at pre-budget view
This the time to view jewellery fraternity and their expectations from Budget FY 2019-20 which is the first Union Budget of Modi 2.0. Along with jewelery players, Ind-Ra-the rating agency has also focussed upon! They also have casted their view. Let’s peep up expressions!
Ishu Datwani, Founder, Anmol, “We hope that there is a reduction in Gold Import Duty and Income Tax. We expect this Budget should kick start the economy so that consumers have more liquidity to spend. Being the first budget of the Modi Government, it will set the tone for the rest of their term and I hope it is a good one.”
Vaibhav Saraf, Director, Aisshpra Gems and Jewels: “We are looking forward to the First Budget of the second term of Modi Government which will be presented by the country's first woman Finance Minister Smt. Nirmala Sitharaman.
We hope that this budget too brings more reforms and transparency in the economy. We are expecting a reduction in Tax Slab for non-corporate entities as corporate entities enjoy better tax slabs. Beyond that, as a jeweller I would rather wait and watch what the new Government has to say for our industry.”
Vaishali Shah, Director, Rivana Gold and Diamonds: “We really hope that the Gold Import Duty is reduced from 10% to 4% as this will directly impact our domestic retail sales. Reduction in Polished Diamond Import Duty too will boost its sales further in India!”
Rohan Sharma, MD of RK Jewellers: “Since our respective finance minister Mr. Nirmala Sitharaman is in the process to finalize 2019-2020 budget and will be unveiling it on 5th July, we expect a lot of good and favourable policy decisions from our government as our common focus is to quickly move towards bond market reform.
We are looking forward to cut down the existing rate of import deputy on both gold & Polished diamonds. The duty on importing diamonds should be lowered in the upcoming budget. We also expect that the government should also foreign miners to sell in India as it will help our entire jewellery industry to work in a better progression.”
At Budget occasion, Dr. Sunil Kumar Sinha, Principal Economist and Director Public Finance India Ratings and Research Pvt Ltd (Ind-Ra) has inked full expressions under the heading, FY20 Budget: Navigating Fiscal Constraints to Accelerate GDP Growth - Key Challenge! Let’s have select quote.
Dr Sinha says, “As the new Finance Minister Nirmala Sitharaman is preparing to present the first budget of the new Modi government on 5 July 2019, Ind-Ra believes the most daunting task would be to put the Indian economy on an accelerated growth path while navigating through a myriad of challenges.
The fiscal space available is limited as fiscal deficit has already been projected at 3.4% of gross domestic product (GDP) in the FY20 interim budget. Based on the current trend in GDP and tax-/non-tax revenue growth, Ind-Ra believes adhering to the target will be difficult without squeezing expenditure.
Therefore, it would be interesting to look at the measures the budget would announce to expand the tax base and resolve the tax revenue currently in disputes. Even after several simplifications/alterations, India’s direct tax laws/rules are still complex and replete with various types of exemptions. The agency hopes a new direct tax code to simplify tax legislation, remove exemptions and widen the tax base would find a place in the FY20 budget.”
