Post Budget Quote from Kalyan Jewellers

Mr. T S Kalyanaraman, Chairman and Managing Director, Kalyan Jewellers.

“We are looking at this budget positively as the multiple reforms introduced clearly indicates that the Government is looking at laying the ground to fuel up the growth across sectors through relief offered to the consumers across sectors. Budget 2019 lays the foundation for a strong path towards India becoming a USD 5 trillion economy. The inter changeability of Aadhar and PAN card will help consumers tremendously when it comes to purchasing luxury items like jewellery.

With an investment of Rs.100 lakh crore proposed for infrastructure, we are expecting a bright future for the infra sector which in turn will benefit us as consumers will have more disposable income and the gems and jewellery industry presents itself as a lucrative investment option with profitable returns. Also, the assurance in the Budget to merge NRI and FPI (foreign portfolio investor) routes for investing in India to increase NRI funding will bring in fresh flow of capital in the economy which is a sign of good days to come.

However, the increase in customs duty on import of gold from 10% to 12.5% may affect short term sentiments on gold buying, and lead to an increase in the illegal supply of gold in the market. Overall, the reforms in the budget are mostly aligned towards strengthening Government's schemes like Make in India, Swacch Bharat Abhiyan, Digital India and ease of doing business in the country”