.........At present, the valuables are placed under a separate heading within Gross Capital Formation (GCF), which is a proxy for investment thereby reducing both the savings and the private final consumption expenditure. However if it is treated as consumption item, it could push the country’s GDP while in case of savings, it would help the government in easing its fiscal deficit pressure. Reserve Bank of India about two years ago had pointed out the need to look into the issue..........
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