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India can lead gold output if 2 PSUs privatized: Vedanta

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India can lead gold output if 2 PSUs privatized: Vedanta
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27 July 2024 6:45 AM IST

New Delhi: Mining mogul Anil Agarwal on Friday said India can be a major producer of gold if it privatises PSUs Bharat Gold Mines and Hutti Gold Mines.The statement comes days after the Union Budget 2024-25 proposed reducing customs duty to six per cent from 15 per cent on gold. “We import 99.9 per cent of our requirement.

With massive investments, we can be a major producer of gold and a big generator of employment,” Agarwal, who is Vedanta chairman, posted on X. The best way forward is the government privatising the two sole producers of gold -- Bharat Gold Mines and Hutti Gold Mines, he explained.

He also said privatisation should happen with three conditions -- there should be no retrenchment, some equity should be given to employees, and it should be done as it is without any attempt to parcel assets into different parts.

Anil Agarwal gold production Bharat Gold Mines Hutti Gold Mines privatisation customs duty reduction Vedanta employment generation gold imports equity for employees 
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