The Union Budget for 2024-25 presented by Finance Minister Nirmala Sitharaman has been hailed by the Gem & Jewellery Export Promotion Council (GJEPC) for its significant measures aimed at bolstering India's position as a global leader in the diamond and jewellery sectors. The abolition of the equalisation levy on sales of rough diamonds and the introduction of safe harbour tax rules are expected to streamline operations and attract foreign mining companies to trade directly with Indian manufacturers.
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