New Delhi, Jan. 26 -- The government's decision last July to reduce import duties on gold has had a significantly positive impact on the industry, and any increase in tariffs in the upcoming Budget may have adverse effects, said the World Gold Council (WGC).

In an apparent request not to raise import duties on the precious metal ahead of the 2025-26 Budget, Sachin Jain, Regional CEO, India, WGC, said, "Any increase in import duties in the upcoming budget may have adverse effects, potentially leading to an increase in smuggling, higher domestic gold prices, and pushing the industry backwards."

"It is imperative that stakeholders, including government bodies, industry players, and financial institutions, collaborate to sustain this positi...