The Shiromani Akali Dal (SAD) has expressed strong opposition to the recent increase in gold import duty, stating that the move will adversely affect bullion traders and artisans across the country. In a statement released from Jalandhar, party leaders highlighted the potential economic repercussions of the policy change.
Impact on Bullion Trade
The SAD argued that the hike in gold duty will lead to a significant decline in gold imports, which will in turn hurt the livelihoods of thousands of bullion traders. The party noted that the gold market in India is largely dependent on imports, and any increase in duty makes gold more expensive for consumers, thereby reducing demand. This could result in reduced business for traders and potential job losses in the sector.
Concerns for Artisans
Artisans who rely on gold for their craft, such as jewelers and goldsmiths, are also expected to suffer. The SAD emphasized that these skilled workers, many of whom operate on thin margins, will face higher costs for raw materials. This could force them to raise prices, further dampening demand for gold jewelry and handicrafts. The party warned that the duty hike might push many small-scale artisans out of business.
Call for Government Reconsideration
The Shiromani Akali Dal has urged the central government to reconsider the duty hike, suggesting that it could have unintended consequences for the economy. The party proposed that instead of increasing duties, the government should focus on curbing gold smuggling and promoting domestic gold recycling. They also called for a dialogue with stakeholders in the bullion industry to find a balanced solution that supports both the economy and the artisans.
In conclusion, the SAD's criticism of the gold duty hike reflects broader concerns about its impact on the bullion trade and the artisan community. The party's appeal for reconsideration highlights the need for policies that protect small businesses and skilled workers while addressing fiscal objectives.
