Domestic Gold Policy Formulation Should Keep In View Indian Ground Realities

BK Goenka, president, ASSOCHAM has said that development of gold as an organized sector can give rise to opportunities in skill development, employment generation, technological upgradation, exports and value addition. Highlighting that various schemes for mobilization of idle gold holdings have been implemented by the Government and RBI in the past, but with little success, Goenka said, Attempts to mobilise gold under various schemes have not evoked the desired response. This calls for reviewing the rules to make them more investor friendly and cut down the transaction costs involved. The ASSOCHAM chief also said that in formulating a gold policy and import tariff regime, it would be very much desirable to keep in view Indian ground realities, where households have strong preference for the yellow metal due to both economic and non-economic factors. A positive policy framework for gold should consider macro-environment, value addition, financial markets, external sector (export, import and related policies), and protection of consumer interest, skill development and job creation, he added.

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