Govt. urged to form panel to study problems facing business
Govt. urged to form panel to study problems facing business
The All Kerala Gold and Silver Merchants’ Association (AKGSMA) has proposed setting up a bullion park, which would be a world-class secured facility for handling the jewellery business.
It is proposed that the bullion park will comprise, among other facilities, factories, refineries, hallmarking training and gemmology institute, bullion banks, bonded warehouses, apartments and hotels. The proposal submitted to the State Industries department recently envisages a solar power generation facility too for the bullion park.
S. Abdul Nazar, State treasurer of the AKGSMA, said that the association was looking for land, possibly in Thrissur or Malappuram districts, for the proposed park. Thrissur is the hub of gold processing and such a world-class facility would help the business immensely. He said that land was available with the government in the industrial estate in Malappuram district.
The bullion park will help the gold trade flourish in the State. Despite the high demand for gold ornaments, more than 50% of the ornaments sold in the State are manufactured outside Kerala, the proposal pointed out. The establishment of the bullion park will also help bring about a single window clearance system, answer the need for training and skill development as well as encourage research and innovation in the gem and jewellery segment, the project proposal said.
Govt. support
Mr. Nazar said the association had appealed for strong government support for the proposed park as such a facility would generate employment opportunities and help the State make up the revenue loss due to GST introduction. The gold and silver jewellery business is one of the biggest tax revenue segments for the government contributing about ₹1,000 crore in taxes.
In the meanwhile, the association at its recent annual general meeting appealed to the government to constitute a committee or a commission to study the problems facing the business that is contributing substantially to the State exchequer. Mr. Nazar said the demand for production of e-way bills for even small volumes of gold had proved virtually impractical. There are around 7,000 registered traders in the State and most of them are small businesses. Preparing e-way bills for these small businesses at various stages of processing and movement of ornaments had proved extremely difficult, hampering the business, he added.
