India Needs a ‘Gold Policy’
Though the India has very long history for gold, though there are huge references of buying gold-n-jewels since ages, we did not try ever to know: why people of India are buying so much of gold? Even after independence & untill today, our government handled this gold metal-n-jewels badly in general! Especially, when Forex reserve & or CAD like any issue occurs!
Without going in to in-depth analysis simply they prefer to halt gold import by imposing huge amount of duty! Even at the last CAD issue I had said to review about 98 other items under the import list which are not as important as gold metal though the government preferred to impose a heavy import duty on gold to curb CAD issue as an easy remedy! Because, to review un-important imports from the huge list of 98 products needs to take focussed pain & in general government beats gold easily instead of focusing the import list properly!
Because of inadequate way, always gold & jewellery sector has been suffered even after our independence. Today, even if government is encouraging skill development, the jewellery sector is struggling to nourish a great heritage of Mena, Thewa, Filigree Lac Artistry & marvellous hand crafted jewellery skills! India struggles to be a global jewellery design destination, global GJ hub stature! All these are a result of handling gold & jewellery sector without any fitting policy! Now, the trade-n-industry is expecting from the vibrant Modi government to introduce an apt gold policy!
Recently the FICCI & WGC has released: ‘Why India Needs a Gold Policy’ report! Equally the domestic gem-n-jewellery national body, the GJF has also expects from the ongoing vibrant to formulate & to introduce a comprehensive gold policy. I think now this is the demand of hour where India must have fitted gold policy for the huge domestic gem-n-jewellery market.
De facto here one should bear in mind that the metal gold is a raw material & that to remain available easily for jewellery manufacturers. This manufacturing & a related trade is all about the process of value addition, conserving & encouraging designing & crafting skills as well as a creation of huge job-n-busyness! And consequently government must peep-up in to the sector, sector’s potentials & to keep not only the sector hassle free but also to be kept-up on the encouragement’s face by introducing a comprehensive gold policy!