A Committee on Transforming India’s Gold Market was constituted by NITI Aayog under the Chairmanship of Principal Adviser, NITI Aayog, to recommend measures for tapping into the potential of the gold market in India to provide a stimulus to exports, economic growth and employment.
The committee brought together diverse stakeholders from across the gold ecosystem, including representation from concerned Ministries/ Departments of the Government of India, RBI, industry associations and academia, to look into various aspects of India’s gold market.
The Committee had in-depth consultations with a wider group of stakeholders, through sub-groups formed on distinct themes pertaining to the gold market. It also deliberated upon the current status of the gold market as well as its issues, challenges and opportunities and strategic policy impetus required to improve exports, generate employment, expand outreach of gold monetization scheme and boost domestic supply of gold.
The report titled ‘Transforming India’s Gold Market’ was finalized and submitted to the government for consideration in February 2018.
The major recommendations of this committee are structured into five key focus areas. These are
- Make in India in Gold
- Financialization of Gold
- Tax and Duty Structure
- Regulatory Infrastructure
- Skill Development & Technology Upgradation
This report provides a robust foundation for realising the policy intent stated in the Union Budget (2018-19) presented by the Hon’ble Finance Minister, in developing a comprehensive Gold Policy, in order to develop gold as an asset class. This will pave the way for realising the transformational potential of India’s Gold Market.