The government has decreased customs charges on a variety of products, including gold, silver, mobile phones, and electronics, to reduce input costs, increase value addition, improve export competitiveness, and support local production. Finance Minister Nirmala Sitharaman announced the revisions, which include a reduction in the basic customs duty on gold and silver bars from 15 per cent to 6 per cent and on gold and silver ore from 14.35 per cent to 5.35 per cent. The duties on platinum, palladium, osmium, ruthenium, and iridium were decreased from 15.4 per cent to 6.4 per cent, reported PTI. 

According to the report, the gems and jewellery industry has long sought reductions to boost exports and manufacturing.