‘Reduction of customs duty on gold, silver will boost its export & import’

Vipin Vohra, Chairman, Continental Carriers says, “This year’s budget focuses on nine key priorities: agriculture, employment, human development, energy security, manufacturing, innovation, infrastructure, and next-generation reforms. The rationalization and reduction of customs duty on specific commodities such as gold, silver, platinum, and mobile phones and chargers are expected to boost both their export and import. The finance minister also assured a reduction in GST slabs. The logistics industry is hopeful for exemptions or reductions in export cargo duties for air and ocean freight. To enhance industrial growth, the budget includes plans to develop industrial parks with complete infrastructure in or near 100 cities. Additionally, twelve industrial parks will be sanctioned under the National Industrial Corridor Development Programme, promoting ease of multi-modal transportation. E-Commerce Export Hubs will be set up in public private-partnership (PPP) mode. These hubs, under a seamless regulatory and logistic framework, will facilitate trade and export related services under one roof.  Special emphasis on MSMEs and manufacturing sector with technology support package and reduction in TDS for e-commerce will further enhance the import/export to/from India.”