Vision 2020 | India Gold Industry

India's love affair with gold is timeless, spanning centuries and millennia. It is
much more than just a precious metal. It is part of the fabric of Indian culture
and an inseparable part of our belief system. For most Indians gold is sacred;
an embodiment of divinity and a symbol of purity, prosperity and fortune that
can adorn the body and celebrate life. Stocks of gold in India currently stand
at over 22,000 tonnes held by individual households and temples. Our vision
for gold is that it should be put to work for the economy, creating jobs,
developing skills, generating exports and revenues an essential part of the
financial economic and social structure of the country.
5 year ambitions for the Indian gold industry
1. India to be jeweller to the world; increase gold jewellery exports to USD
40 Billion (five-fold) from current USD 8 Billion
2. Double Employment - 5 million new jobs created across the gold value
chain manufacturing, retailing, assaying, recycling etc
3. 40% of gold demand should be met through domestic stocks; and 60%
from imports and mining. Big and meaningful thrust to enhancing gold
deposit schemes, extend duty benefit and import entitlement for domestic
gold deposits
4. 75% of gold sold to be standardised and hallmarked; Higher LTV (Loan
to Value ratio) for hallmarked jewellery. Mandatory hallmarking for pieces
above a designated selling price
5. Karigar welfare scheme towards skill development and training of
artisans
6. Gold tourism circuit, showcasing handcrafted Indian jewellery
This vision is to outline objectives for the industry that address the savings
habit underpinning gold demand, support value addition, increase
employment opportunities and benefit the industry in an organised way
without curbing supply or impacting the current account deficit. This will allow
the gold trade to operate in a free and transparent manner for the benefit of
millions of households and eventually lead to increased economic wealth for
the nation.
Let us showcase gold as a key enabler of growth, employment and revenue
generation and use Indias historical asset to enhance the nations prosperity.
Indias prosperity advanced by gold

Problem Statement:
1. Examine the efficacy of existing initiatives, policies and institutional
mechanisms of the India Gold Industry to meet the Vision 2020 objectives.
2. Based on the analysis conducted, create a 5-year action plan for the
stakeholders (Government, regulatory authorities, industry etc.) to achieve
the Vision 2020 for the India Gold Industry; including but not limited to
challenges, timelines and support mechanisms.