Coimbatore gold jewellery manufacturers report that Prime Minister Narendra Modi's recent appeal to avoid gold purchases for one year has put the livelihood of five crore people dependent on the jewellery industry at risk nationwide, urging withdrawal of the statement.
Coimbatore: Gold jewellery manufacturers across the country have expressed serious concern over Prime Minister Narendra Modi's recent statement urging people to avoid purchasing gold for one year, stating that this appeal has put the livelihood of five crore people dependent on the jewellery industry at risk. The manufacturers have requested the Prime Minister to withdraw his statement considering the impact on the industry.
Speaking on this issue, Muthu Venkatram, President of the Coimbatore Gold Jewellery Manufacturers Association, questioned how the future of people dependent on this industry would be affected when the Prime Minister, who should lead the nation as its father figure, asks people not to buy gold. He emphasized that five crore people across the country depend on the gold jewellery industry for their livelihood.
Venkatram explained that gold jewellery sales have already been affected due to various reasons including global war tensions and economic forum conditions prevailing worldwide. In this situation, the Prime Minister's statement has put a question mark on the livelihood of five crore people dependent on this industry.
He revealed that in Coimbatore district alone, one lakh people depend on the gold jewellery industry. Before the Corona pandemic, gold jewellery business worth 200 kilograms was conducted daily in Coimbatore. Currently, this has reduced to 100 kilograms. Daily business worth Rs 150 crore is being conducted. If people follow the Prime Minister's announcement, many people dependent on this industry will be left on the streets.
The association president proposed constructive measures to address the issue. He suggested that India currently imports 700 tons of gold annually, which should be reduced by 200 tons to only 500 tons. This gold could be allowed for use on important occasions including weddings.
He further recommended that consumers should not be allowed to keep 24-carat gold bars. If anyone violates this restriction, gold bars should be confiscated from consumers and action should be taken to make them government property. The government should ensure that gold bars are sold only to registered gold jewellery industry professionals across the country.
Venkatram concluded by stating that if such constructive measures are taken, solutions can be found for the current problems. Considering the development of the gold jewellery industry, he requested the Prime Minister to withdraw his recent statement asking people not to buy gold jewellery.
The appeal highlights the significant economic impact of policy statements on traditional industries and the need for balanced approaches to economic management that consider both national interests and the livelihoods of millions dependent on specific sectors.
Speaking on this issue, Muthu Venkatram, President of the Coimbatore Gold Jewellery Manufacturers Association, questioned how the future of people dependent on this industry would be affected when the Prime Minister, who should lead the nation as its father figure, asks people not to buy gold. He emphasized that five crore people across the country depend on the gold jewellery industry for their livelihood.
Venkatram explained that gold jewellery sales have already been affected due to various reasons including global war tensions and economic forum conditions prevailing worldwide. In this situation, the Prime Minister's statement has put a question mark on the livelihood of five crore people dependent on this industry.
He revealed that in Coimbatore district alone, one lakh people depend on the gold jewellery industry. Before the Corona pandemic, gold jewellery business worth 200 kilograms was conducted daily in Coimbatore. Currently, this has reduced to 100 kilograms. Daily business worth Rs 150 crore is being conducted. If people follow the Prime Minister's announcement, many people dependent on this industry will be left on the streets.
The association president proposed constructive measures to address the issue. He suggested that India currently imports 700 tons of gold annually, which should be reduced by 200 tons to only 500 tons. This gold could be allowed for use on important occasions including weddings.
He further recommended that consumers should not be allowed to keep 24-carat gold bars. If anyone violates this restriction, gold bars should be confiscated from consumers and action should be taken to make them government property. The government should ensure that gold bars are sold only to registered gold jewellery industry professionals across the country.
Venkatram concluded by stating that if such constructive measures are taken, solutions can be found for the current problems. Considering the development of the gold jewellery industry, he requested the Prime Minister to withdraw his recent statement asking people not to buy gold jewellery.
The appeal highlights the significant economic impact of policy statements on traditional industries and the need for balanced approaches to economic management that consider both national interests and the livelihoods of millions dependent on specific sectors.