With India’s gold imports climbing, industry bodies are pitching a plan to reduce reliance on overseas metal. The proposal pushes recycling household gold, steering imported gold mainly toward jewellery exports, and drawing jewellers into gold monetisation programs. The goal: convert dormant gold into working capital while improving the balance of payments and easing import pressure.
Even as Prime Minister Narendra Modi urges restraint on gold purchases, the All India Jewellers & Goldsmith Federation is proposing to mobilise India’s idle gold instead of relying on fresh imports. The body calls for a bullion bank and a revamped gold monetisation scheme, arguing it could cut import dependence while protecting the livelihoods of 35 million people.
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