3 weeks ago
2
The Congress connected Friday (May 15, 2026) described Prime Minister Narendra Modi’s appeal to defer golden purchases for a twelvemonth arsenic a “death warrant” for the jewellery assemblage and demanded that the Centre denote a peculiar economical alleviation bundle for the astir 3.5 crore radical babelike connected the industry.
“This advisory is disastrous. It is an onslaught connected the livelihoods of backward communities, accepted artisans, goldsmiths, traders and workers associated with the jewellery trade,” Congress wide caput Randeep Surjewala said astatine a property league here.
Accusing the Union authorities of pushing the assemblage towards an “undeclared lockdown”, Mr. Surjewala said the Prime Minister’s appeal, coupled with the determination to rise import work connected golden and metallic from 6% to 15%, would severely deed tiny jewellers and promote smuggling and amerciable trade.
Promote home golden mobilisation
“We request that the Modi authorities instantly denote a peculiar economical alleviation bundle for 3.5 crore goldsmiths, traders, artisans and workers progressive successful the golden jewellery industry,” helium said, adding that the authorities should besides beforehand home golden mobilisation, recycling and utilisation of idle household golden stocks.
Mr. Surjewala alleged that the Prime Minister’s remarks amounted to an onslaught connected India’s taste and societal traditions, arguing that golden remained integral to spiritual customs and served arsenic a fiscal information nett for millions of women.
Sharpening his onslaught connected the Prime Minister, Mr. Surjewala recalled Mr. Modi’s April 2024 predetermination code successful Banswara, Rajasthan, successful which helium had accused the Opposition of wanting to “snatch mangalsutras” from women.
“The aforesaid Prime Minister is present advising radical not to bargain gold,” helium said.
The Congress wide caput said implicit 90% of India’s jewellery commercialized operated done MSMEs (Micro, Small and Medium Enterprises) and tiny jewellers, portion the gems and jewellery assemblage contributed implicit 7% to the country’s GDP and astir 12% of exports. More than 85% of exporters successful the assemblage belonged to the MSME category, helium added.
He further alleged that the summation successful import work would incentivise golden smuggling, noting that enforcement agencies seized implicit 2.6 metric tonnes of golden during 2024-25, portion manufacture estimates placed yearly smuggling astatine 10 to 15 metric tonnes.
The Congress besides questioned wherefore the authorities and the Reserve Bank of India (RBI) had accrued sovereign golden holdings from 794.64 metric tonnes successful September 2025 to 880.52 metric tonnes by March 2026, portion simultaneously advising citizens against buying golden jewellery.
Mr. Surjewala alleged that repeated argumentation shocks, including demonetisation, excise work measures, GST implementation and mandatory hallmarking norms had already weakened the sector. He besides asked whether the BJP intended to manus implicit the jewellery commercialized to 2 oregon 3 ample firm groups by undermining tiny jewellers and artisans done higher duties and reduced user demand.
