Gold industry has great potential to create jobs, contribute towards economic growth: K Rajaraman

New Delhi: India’s economic growth will get a boost from the gold industry which has a great potential to create and provide employment opportunities to the burgeoning population of youngsters entering the job market every year. Department of Economic Affairs Additional Secretary K Rajaraman on Saturday said that gold industry can provide jobs and contribute towards economic growth but for that to happen, a sound policy framework with a systematic structure is required.

A systematic gold policy framework will align the interest of different stakeholders with the objectives of policy, Rajaraman said while addressing the inaugural session of the Conference on Gold and Gold Markets 2019, organised by the India Gold Policy Centre (IGPC) of the Indian Institute of Management — Ahmedabad (IIMA).

He emphasised on the need for more research on consumer behaviour related to gold, as well as on product design, spot exchange and how banks could include gold in their options.

The panelists were prominent personalities from the bullion industry including PR Somasundaram, MD, World Gold Council India; Prof. Arvind Sahay, Professor of Marketing and International Business and Chairperson of IGPC; and Brian M Lucey, Professor of International Finance and Commodities, Trinity College Dublin.