Union Budget 2025: The budget session starts today, a day after the general budget presentation in Parliament. On the first day of the budget session, Finance Minister Nirmala Sitharaman will present the Economic Survey Report in Parliament today. It will be presented in the Rajya Sabha at 2 pm. The middle-class family has high expectations from this time’s budget.
The government can take a big step to provide relief from inflation and GDP growth. It is estimated that gold will become expensive after the budget. Finance Minister Nirmala Sitharaman may increase the import duty on gold. She will announce it in the budget on February 1.
In the Union Budget presented in July last year, the Finance Minister had announced a reduction in gold and silver duty. After this, there was a decline in the price of gold. But recently, there has been a continuous jump in the prices of gold and silver. The price of gold has crossed 82 thousand today, i.e. on January 31. Import duty was reduced last year
On July 23, 2024, Finance Minister Nirmala Sitharaman reduced the import duty on gold and silver from 15 per cent to 6 per cent. This was the first time duty gold had decreased much in one go. Due to this, the duty on gold decreased to below 110 per cent for the first time after 2023. This reduction had a direct impact on the import of gold.
Can import duty on gold increase?
If Finance Minister Nirmala Sitharaman increases the import duty on gold on February 1, then gold will become expensive. How much the price of gold will rise depends on the import duty. However, the jewellery industry has requested the government not to increase the import duty on gold.
It is believed that in the last 1-2 years, the export of gold jewellery to countries like America and Canada has decreased. Increasing the import duty may negatively affect the export of gold jewellery. This may also increase gold smuggling in the country.