Nirmala Sitharaman Budget 2026: Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament on February 1st. The Finance Minister’s budget speech will begin at 11 AM in Parliament. Various sectors across the country have high expectations from the budget. The general public is hoping for relief. All eyes are on the Finance Minister’s budget speech. While the Union Budget is presented on February 1st every year, this will be the first time in India’s history that it is presented on a Sunday.
Before the budget, the gems and jewellery industry had several major expectations from the government. Amidst continuously rising prices and weak demand, this sector is looking for relief measures. The prices of gold and silver have been continuously increasing. The industry believes that the right policy decisions will not only make buying gold easier but also help it grow.
Until now, gold prices were rising by only Rs. 3,000 to Rs. 5,000, but in the multi-commodity market, gold has increased by approximately Rs. 16,000. Meanwhile, silver prices have increased by Rs. 20,000 per kg. The price of silver has crossed Rs. 4 lakh. This is the first time that the price of silver has crossed Rs. 4 lakh.
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Reduce Import Duty
The biggest demand is to reduce import duties on raw materials such as gold, silver, platinum, and coloured gemstones. High duties increase costs, making Indian jewellery expensive abroad. If import duties are reduced, jewellery prices may decrease, and exports could also be boosted.
Simplify Customs Process
The industry is also demanding simplification of the customs process. Implementing digital documentation, risk-based inspections, and fast clearance will make doing business easier.
Reduce GST on Gold
There is demand to reduce the current 3 per cent GST on jewellery to 1-1.25 per cent. The industry says that customers are postponing purchases due to high prices. Lower GST will make gold cheaper and could increase demand.
Where and how to watch the Budget Live? If you also want to watch Finance Minister Nirmala Sitharaman’s budget speech live, the coverage will be available on Doordarshan and the official YouTube channel of the Government of India. The live telecast of Budget 2026 will also be available on the official parliamentary channel, Sansad TV, and the national television channel, Doordarshan.
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