Gold Crisis: Congress Slams Modi's 'Death Warrant' for Jewellery Sector

On Friday, the Congress branded Prime Minister Modi's recommendation to delay gold purchases for a year as a 'death warrant' for the jewellery sector. Congress general secretary Randeep Surjewala criticized the Modi administration for pushing the industry toward an 'undeclared lockdown' with increased import duties on gold and silver.

Highlighting the significance of the sector, Surjewala noted that jewellery contributes significantly to India's exports and GDP. He warned that the jump in import duty from 6% to 15% could both cripple legitimate businesses and encourage smuggling. The Congress demands an economic relief package for the 3.5 crore people linked to this trade.

Surjewala questioned the government's lack of focus on domestic gold mobilization and bullion banking, raising concerns about the industry's future. He criticized the increased sovereign gold holdings juxtaposed with requests for citizens to avoid gold purchases. The Congress vows to protest these policies from Parliament to the streets.

(With inputs from agencies.)