Gems and jewellery exporters seek sops in India’s new foreign trade policy

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IAC photo of a gold jewellery set.

Gems and Jewllery exporters have urged the government to provide support measures in the next foreign trade policy (FTP), 2020-2025, being formulated by the commerce ministry, to boost the country’s outbound shipments. Different suggestions were made by representatives of different export promotion councils during their meeting with the commerce ministry.

Gems and Jewellery Export Promotion Council (GJEPC) President Colin Shah said the government should announce a jewellery repair policy in the next FTP (2020-25) as it will help promote shipments of jewellery. He said the policy is required as India has all the infrastructure to become a hub of the world in repair and restoration of old and damaged jewellery. “We need this policy in the next foreign trade policy (2020-25). India has skilled man power for repair of jewellery. A friendly policy would help us in excelling in the sector,” Shah told PTI.

Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said support measures in the FTP would help boost the country’s exports. Suggestions made by the councils include continuation of interest subsidy scheme; expansion of the transport and marketing assistance (TMA) scheme; provisions for northeastern states; and guidelines to promote exports through e-commerce.

They also include efficient mechanism for duty drawback scheme; continuation of EPCG (export promotion for capital goods); and action plan to promote exports from districts.

Exporters also suggested easing of certain procedures such as review of restricted and prohibited list of goods; and review of procedure for issue of licences. The new FTP will come into effect from April 1, 2021, for five years and will strive to make the country a leader in international trade.

The FTP 2015-20 came into effect on April 1, 2015 and the same was extended by one year till March 31, 2021, due to the COVID-19 pandemic.

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