Budget 2026: How Fiscal Policies Could Reshape India's Silver Demand

• Silver prices are at multi-year highs on MCX, driven by global safe-haven demand, a weakening rupee, and investment interest.
• Import duty adjustments in Budget 2026 could significantly impact domestic silver prices and demand patterns.
• A reduction in import duty could soften prices, making silver more attractive for jewelry and investors; an increase could push prices higher.
• Budget 2026's focus on renewable energy and EV adoption could boost industrial silver demand for solar panels and electric vehicles.
• Industrial usage, particularly in electronics and electrical applications, accounts for nearly 68% of total industrial silver demand.

Why It Matters: Budget 2026's import duties and industrial policies will critically influence India's silver market dynamics.