jewellers across goldloving india strike over tax
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Jewellers across gold-loving India strike over tax

Egypt Today, egypt today

Egypt Today, egypt today Jewellers across gold-loving India strike over tax

A man sits outside closed jewellery shops at Zaveri Bazar
Mumbai - AFP

Jewellers across gold-loving India started a three-day strike on Wednesday in a bid to force the government to shelve plans for a controversial excise tax announced in this week's budget.

Indian finance minister Arun Jaitley on Monday proposed to reintroduce a one-percent levy on some jewellery transactions as he laid out his budget for the financial year 2016-17, angering the industry.

"Today we are left with no options but to go for 72 hours' token strike," Ashok Minawala, an All India Gems and Jewellery Trade Federation (GJF) representative said in a statement late Tuesday.

"Pan India, all retail jewellers, manufacturers and wholesalers have decided to join the strike expressing their anguish over the government apathy towards the industry," he added.

At the normally bustling Zaveri Bazaar -- the centre of India's jewellery trade -- in the western city of Mumbai, the majority of shops were closed but some opted to stay open on Wednesday.
Union leaders hope the industrial action, which runs until Friday, will be as successful as a three-week nationwide strike in 2012, which forced the previous Indian government to drop its plans for an excise tax.

A one percent excise duty was also introduced in 2005 before being quickly dropped.

Industry officials say the planned tax will damage growth as it will make certain purchases more expensive for buyers, at a time when demand is already weak due to the global financial slowdown.

Long-running strike action by the jewellery industry would pose a major headache for Prime Minister Narendra Modi as he bids to kick-start economic growth and bolster his government's flagging popularity.

India vies with China for the title of the world's biggest consumer of gold and has an insatiable appetite for jewellery, with diamonds and bangles proving popular gifts at weddings and festivals.

India is believed to have around 20,000 tonnes of gold lying idle in temples and homes and Modi is also currently trying to bring this wealth into the formal economy through a gold monetisation scheme.

India is now the world's fastest-growing major economy but Modi is struggling to push much-needed reforms through parliament.

Protests over jobs turned deadly recently while the ruling Bharatiya Janata Party received a hammering in state elections late last year.

 

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

jewellers across goldloving india strike over tax jewellers across goldloving india strike over tax



GMT 12:30 2018 Friday ,14 December

Noriaki Kasai: 30 years of World Cup ski-jumping

GMT 14:25 2018 Friday ,12 October

Petroleum minister calls on prime minister

GMT 12:11 2016 Saturday ,03 September

Alex dreams of maiden win after taking Manulife lead

GMT 12:17 2017 Tuesday ,17 October

May and Juncker agree to 'accelerate'

GMT 08:19 2017 Sunday ,29 October

Pope decries low birth rates in Europe

GMT 21:45 2017 Sunday ,31 December

October24th-November22nd

GMT 01:55 2011 Monday ,07 March

Boho chic Marylebone cashing in on its past

GMT 00:11 2013 Tuesday ,05 March

French actor Omar Sy joins \'X-Men\' cast

GMT 14:28 2017 Tuesday ,26 September

TAURUS (April21st-May21st)

GMT 06:58 2017 Wednesday ,16 August

Saudi students win international Olympiads 2017

GMT 03:11 2017 Monday ,17 April

800 new employment
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday