Arab Today, arab today jewellers across goldloving india strike over tax
Last Updated : GMT 21:26:48
Arab Today, arab today
Arab Today, arab today

Jewellers across gold-loving India strike over tax

Arab Today, arab today

Arab Today, arab 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.

 

arabstoday
arabstoday

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*

Arab Today, arab today jewellers across goldloving india strike over tax Arab Today, arab today jewellers across goldloving india strike over tax

 



Arab Today, arab today

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*

Arab Today, arab today jewellers across goldloving india strike over tax Arab Today, arab today jewellers across goldloving india strike over tax

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday