The upcoming Union Budget provides the government with the chance to recalibrate sectors and to address concerns.
CNBC-TV18’s Manisha Gupta spoke to Somasundaram PR, MD of World Gold Council, India to focus to India's jewellery sector and what are the other reforms that the sector needs to strengthen itself following a tumultuous year.
Somasundaram said, “Industry has been asking for a reduction in duty and that continues to be a persistent demand ever since it was raised into 2013 and recently by another 2.5 percent. So that would be one of the biggest ask.”
“Bullion exchange is going to be a reality and if that has to work then I think we should look at allowing export of gold bars at international margins. We are restricting exports of gold because we believe it will be lead to other kinds of practice by imposing a huge value addition norm which impractical for any bar supplier," he added.Watch the video for more