The minister said that he has requested officers to take the issues strongly with other ministries to see "how we can work together to put an end to smuggling and ensures that business comes back to India".
The industry is demanding cut in gold import duty to 4 per cent from the current 12.5 per cent. The industry has claimed that due to hike in the import duty several businesses have shifted out of India.
He, however, added that to "enable me to do that and help me succeed, I need high level of commitment from you about the integrity quotient of the industry".
Goyal said that 100 per cent honesty is important to convince other ministries to agree on the demands of the industry.
"Do not indulge in any illicit transactions. Complain to authorities who are doing wrong. If you will be honest, we are willing to ensure proper finance is available...If all of you come together and give that confidence that we will not engage in any wrong practices, government will be able to support you with lower taxes, lower import duties and lower GST," he added.
He added that few bad and unfortunate examples in the industry has impacted the industry as this sector works on "trust".
Few people who willfully defaulted loans have brought bad name to the industry and there is a need for all the industry to ponder on this, he added.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.