Must balance ‘economic patriotism’ with cultural heritage: GJC on PM Modi’s call to stop gold purchases
The All India Gem & Jewellery Domestic Council (GJC) has expressed support for Prime Minister Modi's call for 'economic patriotism' while highlighting the cultural importance of gold. The council emphasized that the jewellery sector is a significant economic contributor that supports millions of livelihoods.
Why it matters
This reflects the tension between national economic policy goals, such as reducing imports, and the deeply ingrained cultural and economic role of gold in India.
While welcoming Prime Minister Narendra Modi’s call for prioritising locally-made products and reducing gold imports, the All India Gem & Jewellery Domestic Council (GJC) has said that India must balance “economic patriotism” and its cultural traditions when it comes to gold jewellery.
It argued that the sector contributes “nearly 7-8%” to the economy and supports “millions of livelihoods”. The GJC was reacting to Prime Minister Narendra Modi’s recent and repeated appeal to all Indians to stop foreign trips and weddings, to buy local, and to only buy gold if necessary.
“The Prime Minister’s appeal for economic patriotism and greater preference for Swadeshi products is timely and welcome,” Rajesh Rokde, Chairman of the All India Gem & Jewellery Domestic Council (GJC) said.
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