00:00The price of gold has once again exceeded Rs 80,000 per 10 grams in the country.
00:07In July, when the government presented a full budget for the financial year 2024-25,
00:12the import duty on gold was reduced.
00:15Its benefit was seen in the market and the price of gold went much below Rs 80,000.
00:22In this case, will the budget presented on 1 February 2025,
00:26the Finance Minister Nirmala Sitharaman,
00:29emphasize on lowering the prices of gold so that the common man can buy it again?
00:34We will explain its answer to you in detail in this video,
00:37so stay with us till the end of this video.
00:41The country's jewellery and bullion dealers want the country's finance minister
00:45to focus on lowering the prices of gold.
00:48According to the report, the government can make a mechanism to buy gold on EMI for this.
00:54Not only this, a single regulator is also needed to make the gold business a standard among experts.
01:02At this time, gold is traded in different ways.
01:05It includes gold ETFs, digital gold and physical gold.
01:10That's why they are regulated by different regulators.
01:13In this, the Securities Regulatory Board of India,
01:16the Indian Reserve Bank, RBI and the Director General of Foreign Trade, i.e. DGFT are also included.
01:22In addition, the Finance Ministry and the Ministry of Commerce and Industry also monitor the gold business.
01:29That's why experts believe that there should be a single regulator to regulate the gold business.
01:37This will make it easier to determine the prices of gold.
01:41With the establishment of a standard, there will be uniformity in the prices of gold across the country.
01:46If we look at gold jewellery and physical gold refiners,
01:51they have been working on a 0.65% margin for many years.
01:57In the country, the largest association of bullion and jewellers,
02:00IBJA, the chairman of the Indian Bullion and Jewellers Association Limited, Prithviraj Kothari,
02:06says that in order to improve this margin, the government should reduce the import duty on raw gold.
02:13This will reduce the overall price of gold.
02:16In addition, skilled labour is also needed in the country to make gold jewellery.
02:22That's why the government should also focus on their skill development.
02:27According to industry experts, India is one of the largest gold importers in the world.
02:32And every year, India's gold imports are increasing.
02:36It will be interesting to see how this will affect the import duty in the Union Budget on 1 February 2025.
02:47What is your opinion on this news?
02:49Give us your opinion in the comment box and keep watching GoodReturns for such updates.
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