Asia’s Top Corporate Gifting Firm Forecasts Economic Ripples as Union Budget Cuts Import Duties on Precious Metals”

Consortium Gifts, Asia’s renowned leader in premium corporate gifting, has shared its insights on the implications of the 2024 Union Budget’s decision to reduce import duties on gold and silver by 9%. Managing Director Mr. Gaurav Bhagat provided a perspective on how this fiscal move could impact both businesses and consumers alike.

“The reduction in import duties is expected to trigger a ripple effect in the market,” remarked Mr. Bhagat. “Consumers can anticipate potential savings translating into lower prices for luxury items such as gold, silver, platinum jewelry, watches, and mobile phones.”

While acknowledging the potential benefits for consumers, Mr. Bhagat also cautioned on the limited immediate impact on the broader lifestyle sector. Consortium Gifts remains vigilant in monitoring market reactions and adjusting corporate gifting strategies accordingly.

The Union Budget’s initiative to decrease import duties is seen as a strategic maneuver to stimulate consumer spending and bolster economic resilience amidst global uncertainties. Consortium Gifts’ proactive stance underscores their commitment to navigating evolving market dynamics and optimizing client satisfaction in the corporate gifting landscape.