The proposed Gold Policy will balance regulatory concerns with Ease of Doing Business, a senior commerce department official said on Friday even as the government asked the gems and jewellery industry to upscale infrastructure and comply with global standards.
The government is expected to come out with a comprehensive gold policy to promote the gems and jewellery sector, which is a major contributor to the country’s exports. The draft Gold Policy is likely to be shared with the finance ministry next month.
“The gems and jewellery industry has to upscale and upgrade infrastructure and comply with global standards to make its mark across the world,” said commerce and industry minister Suresh Prabhu at the India Gold & Jewellery Summit 2018 – organized by the Gem and Jewellery Export Promotion Council (GJEPC) here.
The council has sought further ease of doing business and reduction of customs duty on gold to 4% from the current 10%.
As per GJEPC chairman Pramod Kumar Agrawal, India has the potential to double its gold jewellery exports to $18 billion by 2025 and add 3 million more jobs to the 5 million people directly employed by the industry.
Courtesy: Economic Times/ Image: The Dollar Business
