New Delhi, Mar 27 (KNN) In order to boost country’s gold industry, a NITI Aayog Committee, headed by Aayog principal adviser Ratan P Watal, has highlighted the need to develop clusters, jewellery parks and common facility centres to assist the development of the industry dominated by MSMEs.

The panel has also stressed on need for tax policies to enable migration MSMEs in the sector to an organised sector.

The committee suggested lowering of the import duty on gold, setting up of jewellery parks to encourage local manufacturing, making mining viable and “financialisation” of the metal’s holding for transforming India’s gold market.

The need for a regulatory body for the gold industry was also discussed by the panel.

According to the committee, tax policies should be so designed that it enabled migration of the largely MSME sector to an organised sector.

The panel suggested that these can be achieved by taking a decision on rationalising the import duty on gold and gold doré.

The committee also said it would be desirable to include gold as one of the industries under Tier 1of the Make in India initiative.

It further suggested that the gold refining and recycling industry needs to be incentivised as India has a cost advantage and can support refining for both domestic and global requirements.

Translation of the vision requires development of clusters, jewellery parks and common facility centres which would assist the development of the industry dominated by MSMEs, the committee said.