A committee on 'Transforming India’s Gold Market' was constituted by NITI Aayog to recommend measures for tapping into the potential of the sector and provide a stimulus to exports, economic growth and employment.
The committee brought together diverse stakeholders, including relevant Ministries/Departments of the Government of India, Reserve Bank of India, industry associations and academia, to look into various aspects of the gold market.
The committee had in-depth consultations with a wider group of stakeholders, through subgroups formed on distinct themes pertaining to the gold market. It also deliberated upon the current status of the gold market as well as on its issues, challenges and opportunities. The committee also discussed the strategic policy impetus required to improve exports, generate employment, expand outreach of the gold monetisation scheme and boost the domestic supply of gold.
A report titled ‘Transforming India’s Gold Market’ was finalised and submitted to the Government for consideration in February 2018.
The major recommendations of this committee deal with five focus areas. These are:
- Make in India in Gold
- Financialisation of Gold
- Tax and Duty Structure
- Regulatory Infrastructure
- Skill Development and Technology Upgradation
The report provides a robust foundation for realising the policy intent stated in the Union Budget of 2018-19, for developing a comprehensive gold policy.