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Cut import duty on gold: Commerce Ministry

Ministry of Commerce has sought a major cut in the import duty on gold in the upcoming budget, according to news agency Press Trust of India. This has been proposed in order to boost exports and manufacturing of the gems and jewellery sector, according to the report. In the previous budget, the Finance Minister Nirmala Sitharaman had raised the import duty on gold to 12.5%. India’s gold imports, which have an impact on the current account deficit (CAD), fell by about 7% to US$ 20.57 billion during April-November, 2019-20. This helped narrow the country’s trade deficit to US$ 106.84 billion during the eight-month period.