News for You: Gold for the Poor?

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Subsidies for the Rich?

gold jewelry

Gold jewelry – (Creative Commons)

“No civilization in the world associates gold with poverty. Gold is a symbol of opulence. In no way can tax concessions on the yellow metal be justified. We stand among few countries where less than two percent tax is levied on gold,”  so writes Anshuman Tiwari in the Daily O. He goes on to say that the well-off population is the one gaining the most from subsidies on gold, train fare, aviation fuel, kerosene and small savings schemes.

The rich get richer when they actually get subsidies – is gold a necessity? It seems in India it is.

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Lavina Melwani is a New York-based journalist who writes for several international publications. [email protected] & @lassiwithlavina Sign up for the free newsletter to get your dose of Lassi!

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