GIFT City and Diamond industry greet Union Budget 2024
GANDHINAGAR : The Diamond sector in Gujarat and the GIFT City on Tuesday welcomed the Union Budget presented by Finance Minister Smt Nirmala Sitharaman, with industry leaders calling it a launch pad for a developed India.
Tax exemptions for retail schemes and exchange-traded funds (ETFs) set up in the International Financial Services Centre (IFSC) will create business opportunities for asset management companies at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, its Managing Director Tapan Ray said.
“The move is expected to attract investments from NRIs and foreign retail investors into India. We thank the Union government for its continued support in helping GIFT City become a truly vibrant global financial centre,” he said.
Vijay Mangukiya, Gujarat Regional Chairman of the Gem and Jewellery Export Promotion Council (GJEPC), said the Budget has met several of the industry’s demands.
The abolition of the 2 per cent equalisation levy on online auction of rough diamonds for companies based in India will help save money, he said.
“Furthermore, the safe harbour rule on the sale of rough diamonds at special notified zones (SNZs) will help miners display and sell their goods (rough diamonds) easily and save transportation and time,” Mangukiya said.
Nirav Mandalewala, Secretary of the South Gujarat Chamber of Commerce and Industry, termed the Budget “inclusive” and called it a “launchpad budget for a developed India”.
“All the areas — industries, health, women and youth have been covered. Reduction of GST on cancer medicines and reduction of custom duty on X-ray machines will make them cheaper,” he said.
Ashish Gujarati, a textile manufacturer, said a cut in Customs duty on spandex yarn raw material is a welcome step to help the industry.
Parth Ganatra, vice president of the Rajkot Chamber of Commerce and Industry, said the reforms in the tax slab for the new tax regime were a welcome step.
“But we wanted benefits for the old tax regime as well,” he said.
Priyam Patel, Managing Director of Ahmedabad-based NK Proteins Pvt Ltd, producers of edible oil, said the Union government has maintained a strong focus on enhancing agricultural productivity and resilience.
“Substantial allocation for agriculture and allied sectors underscores the nitiatives for self-sufficiency in pulses and oilseeds, particularly groundnut, sesame, and sunflower, as they are pivotal for Atmanirbharta,” he said