Business
PHDCCI Calls for Elimination of Import Duties on Gold Ore Concentrate to Strengthen Domestic Industry
Launched in 2021, India’s gold ore concentrate processing sector holds significant potential to enhance the economy by lessening the reliance on gold bullion imports, creating high-value jobs, and furthering self-sufficiency as part of the Make in India initiative, as stated in the chamber’s letter to the Finance Minister.
The letter highlights a critical issue regarding the unequal import duty landscape between gold ore concentrate and copper ore concentrate (HSN-26030000). This disparity severely hampers the growth, competitiveness, and sustainability of this emerging industry.
Currently, a 2.5% import duty on gold ore concentrate contrasts sharply with the zero duty imposed on copper ore concentrate, placing the gold processing industry at a notable cost disadvantage. Furthermore, the existing exemption for gold ore concentrate is only temporary, set to expire on March 31, 2026, which adds an element of unpredictability for the industry’s future.
The PHDCCI has urged Finance Minister Sitharaman to eliminate the conditions and expiration date associated with the exemption in order to ensure long-term policy consistency.
Compounding the issue, the recent reduction of the import duty on finished gold from 15% to 6% in the Union Budget for 2024-25 makes direct imports of finished gold more appealing than domestic refining, obstructing the development of India’s refining sector.
The business organization asserts that harmonizing the duty structure for gold ore processors and finished gold importers would foster a fair competitive landscape and level the playing field.
The letter encourages the Finance Minister to address these concerns “to establish a fair, stable, and growth-oriented policy framework for the gold ore concentrate processing industry.”
According to PHDCCI, enhancing gold refining capabilities in India will decrease dependence on imported finished gold, and a stable zero-duty policy will attract further investment in gold refining infrastructure. The chamber emphasizes that expansions in gold refining will create jobs throughout the sector.
New Delhi: The price of domestic LPG cooking gas cylinders has been increased by Rs 29 across India. This is the second price hike in the last three months.
The increase comes as global energy prices continue to rise due to the ongoing conflict in the Middle East.
After the revision, a domestic LPG cylinder now costs Rs 942 in Delhi, Rs 941.40 in Mumbai, Rs 968 in Kolkata, and Rs 957.50 in Chennai. In Bengaluru, the new price is Rs 944.50 per cylinder.
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The government said the cost of supplying LPG has increased significantly. However, subsidies under the Pradhan Mantri Ujjwala Yojana continue to help over 10 crore beneficiaries.
Petrol, diesel, and CNG prices have also increased in recent weeks as global fuel markets remain volatile.
Business: Honda Cars India has started delivering the new 2026 Honda City Hybrid to customers. The first car was handed over at a dealership in Bengaluru.
Honda President and CEO Takashi Nakajima attended the special delivery event. Other senior company officials were also present.
The first customer received a Crystal Black Pearl Honda City Hybrid. The car was delivered with a symbolic key and a gift hamper.
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The updated City comes with new features such as ventilated front seats and a 360-degree camera. It also offers wireless Apple CarPlay, Android Auto, and a sunroof.
The sedan is available with petrol and strong-hybrid powertrain options. Honda claims the hybrid version delivers a mileage of 27.26 kmpl.
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The Honda City competes with the Volkswagen Virtus, Skoda Slavia, and Hyundai Verna in India.
Business : Indian companies borrowed $5.43 billion from abroad in March, according to RBI data. This was 51% lower than March last year.
Experts said the weak rupee and high global interest rates made foreign loans less attractive for companies.
In the financial year 2025-26, India Inc raised nearly $43 billion through foreign borrowings. This was down from $61 billion in the previous year.
In March 2025, borrowings had crossed $11 billion due to large deals by companies like JSW Steel and Tata Semiconductor Manufacturing.
Companies are also avoiding overseas loans because hedging costs have become expensive during currency volatility.
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The RBI reportedly discussed easing foreign borrowing rules and offering hedging support, but no final decision was taken.
Market experts said the ongoing West Asia conflict has increased uncertainty, making companies cautious about raising funds from abroad.
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