As India prepares for the annual budget announcement later this month, leaders in the jewellery industry are expressing their expectations for reforms that could shape the sector's trajectory. PNG Jewellers and Khimji Jewellers have outlined specific measures they believe could enhance industry growth and economic recovery.

Dr. Saurabh Gadgil, Chairman & Managing Director of PNG Jewellers, emphasized the potential impact of the budget on economic growth and infrastructure development. He stated, "We expect this year's budget to include measures that shall increase disposable income, support growth for the industry, and propel faster infrastructure development. Given the fact that a stable government is at the center focused on economic reforms, we expect multiple measures to boost retail consumption and thereby an increase in consumption of jewellery and gold products."

Mitesh Khimji, Director at Khimji Jewellers, echoed similar sentiments regarding specific reforms needed in the jewellery sector. "For the forthcoming budget, we anticipate two crucial actions from the government, particularly the Ministry of Finance," Khimji remarked. "Firstly, we reiterate our longstanding request for a reduction in the duty imposed on gold imports. A duty reduction of approximately 2% to 3% would significantly contribute to aligning domestic gold prices with international standards and eliminating the prevalent grey market."

Khimji continued, addressing the transactional limits on PAN cards and similar documents. "Secondly, we draw attention to the current transactional limit of two lakh rupees for PAN cards. An upward revision to a range of 3.5 to 4 lakh rupees would better reflect current market dynamics and reduce administrative burdens."

The jewellery industry, facing challenges such as fluctuating gold prices and regulatory constraints, sees the budget as an opportunity for the government to introduce measures stimulating demand and streamlining operations. Both PNG Jewellers and Khimji Jewellers believe addressing these issues could benefit businesses and enhance customer experiences by reducing costs and administrative burdens.

With expectations high among industry experts and stakeholders, the upcoming budget announcement is anticipated to reveal the government's fiscal strategy and policy initiatives for the upcoming financial year. The jewellery sector, crucial to India's economy, hopes for supportive measures that boost consumption and economic recovery post-pandemic.

Therefore, as the countdown to the budget continues, the jewellery industry remains optimistic about potential reforms that could bolster its contribution to India's economic recovery while meeting consumer expectations for affordable and transparent gold transactions.