Prime Minister Narendra Modi's Gold Appeal is Backed by Malabar Gold & Diamonds

News Desk. News Nation 360: In line with Prime Minister Narendra Modi's vision for economic resilience and responsible gold consumption, Malabar Gold & Diamonds, under the leadership of Chairman M.P. Ahammad, has submitted a strategic proposal to the Government of India to revitalise the Gold Monetisation Scheme (GMS). The proposal highlights that Indian households hold up to 35,000 tonnes of idle gold while the country imports nearly 800 tonnes annually. It suggests that mobilising even 1% of domestic reserves could effec The proposal argues that mobilising even 1% to 2% of domestic reserves could effectively offset a significant portion of India's import demand and stabilise the current account deficit, highlighting the fact that Indian households hold up to 35,000 tonnes of idle gold while the nation imports nearly 800 tonnes annually. Important suggestions include incorporating organised jewellers within the GMS framework, lowering the minimum deposit amount to one gram, streamlining e-KYC processes, and providing various redemption choices and GST waivers to promote public involvement. Through a transparent, jeweller-assisted collection and facilitation framework, Malabar Gold & Diamonds hopes to promote India's independence and decrease foreign exchange outflows by turning stagnant domestic gold into a circulating economic lever.

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