New Delhi/Mumbai, July 26, 2016: The Central Government has proposed to develop gold mines and has assured the jewellery sector to address practical issues in bringing business above board.
Recently, at a convention organised by the Bullion Federation, Arjun Ram Meghwal, Minister of State for Finance, said the government would look into all concerns raised by the industry and would promote the 'Make in India' programme in jewellery sector.
alking to KNN, the Spokesperson of All India Gems and Jewellery Trade Federation (AIGJTF) Ashok Minawala said that basically the Government has opened the mining sector . Local demand of gold can be resolved if mining takes place in India and which can further reduce the import of gold.
Government has assured the jewellers to promote mining and the government has identified new areas, including Arunachal Pradesh and Jharkhand, which have potential mines.
“Import of gold is happening in official and unofficial ways. So the government wants to stop the import of gold in an illegal way," he informed.
He also said that due to slowdown of gold market imports have gone down upto 50 per cent in the country.
The centre is also looking into the ways to get more money into research and development for gold and jewellery.
Minawala said that big institutions are involved for the research and development, then R& D can take place or government can support R&D in a big way.
(Source: http://knnindia.co.in/)