Ahmedabad: The diamond sector in Gujarat and GIFT City welcomed the Union Budget presented by Finance Minister Nirmala Sitharaman on Tuesday. Industry leaders hailed it as a launch pad for a developed India. Tapan Ray, managing director of GIFT City, highlighted that tax exemptions for retail schemes and exchange-traded funds (ETFs) in the International Financial Services Centre (IFSC) will create business opportunities for asset management companies at GIFT City in Gandhinagar. He expressed gratitude to the Union government for its support in transforming GIFT City into a global financial hub, expecting it to attract investments from NRIs and foreign retail investors.

Vijay Mangukiya, Gujarat’s regional chairman of the Gem and Jewellery Export Promotion Council (GJEPC), stated that the Budget addressed several industry demands. The removal of the 2% equalisation levy on online auctions of rough diamonds for companies based in India will save money. He also mentioned that the safe harbour rule on the sale of rough diamonds at special notified zones (SNZs) will facilitate easier display and sale of goods, saving on transportation and time.

Nirav Mandalewala, secretary of the South Gujarat Chamber of Commerce and Industry, described the Budget as “inclusive” and a “launchpad budget for a developed India,” noting that industries, health, women, and youth were all covered. He pointed out that reductions in GST on cancer medicines and customs duty on X-ray machines will make them cheaper.

Ashish Gujarati, a textile manufacturer, welcomed the cut in customs duty on spandex yarn raw material, seeing it as a boost for the industry. Parth Ganatra, vice president of the Rajkot Chamber of Commerce and Industry, appreciated the reforms in the tax slab for the new tax regime but expressed a desire for benefits in the old tax regime as well.

Priyam Patel, managing director of Ahmedabad-based NK Proteins Pvt Ltd, emphasized the government’s focus on enhancing agricultural productivity and resilience. He highlighted the significant allocation for agriculture and allied sectors, particularly initiatives for self-sufficiency in pulses and oilseeds like groundnut, sesame, and sunflower, as crucial for achieving Atmanirbharta (self-reliance).