(MENAFN- KNN India) Govt to set up domestic gold council to push exports of gold: Prabhu
New Delhi, Nov 2 (KNN)The government is working to set up a ‘Domestic Gold Council' to push exports of gold jewellery, said Suresh Prabhu, Commerce and Industry Minister.
Speaking at the gold jewellery exhibition, Prabhu said 'We are the largest consumer of gold and there are huge numbers of artisans. So, we have decided to set up ‘Domestic Gold Council' which will have representations from all stakeholders including artisans, traders, miners and purifiers.
He said the council would work in the direction of promoting the gold and jewellery industry.
Further, he pointed 'there are huge opportunities in the global market to push exports of gold jewellery.
India is the largest consumer of gold and also one of the main importers, he added.
When asked about the industry demand for a cut in the 10 per cent import duty on gold, Prabhu said though increase in the imports push the current account deficit (CAD), the government tries to strike a balance between them.
He said that country has made a big difference in the gems and jewellery industry with the sector standing strong.
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