India imports 800-850 tonnes of gold and 4,000-4,500 tonnes of silver annually. Lower prices of silver will help industries such as the solar energy sector which uses the metal to make photovoltaic cells. Silver is also used in manufacturing electric vehicles as it has high electrical conductivity. Duty on platinum, usage of which is rising among millennials, has also been cut to 6.4% from 15% in the budget.
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