Introduction of reforms for the gems and jewellery industry such as revamped gold monetisation scheme, reduction in import duty of gold, and hallmarking would help push its growth rate and achieve USD 43.75 billion exports target for this fiscal year, Union Minister Anupriya Patel said.
Gems and jewellery sector contributes about 7 per cent to GDP and 10-12 per cent to the country’s total merchandise exports.The Minister of State for Commerce and Industry said gems and jewellery exports stood at $ 9.2 billion in the first quarter of 2021-22.
“On the policy front, the government has introduced a number of reforms, such as the revamped Gold Monetisation Scheme, reduction in import duty of gold, hallmarking, etc. which would help the industry to grow to the next level,” she said. She expressed hope that these measures “would not only help the industry to transform but will take the exports on a steep upward trajectory”.
This would help the industry achieve an export target of $ 43.75 billion this year as well as achieve the goal of GJEPC to take gems and jewellery exports to $ 75 billion in coming years, she added.
The Gems and Jewellery Export Promotion Council (GJEPC), however, has set up an ambitious target of raising exports of the sector to $ 44 billion in 2021-22. Colin Shah, chairman, GJEPC, said the sector will work to play a positive role in achieving the USD 400 billion target. He said the council has appealed to the government to bring in policy reforms that would make the sector competitive on the global front. “We have requested them to further the ease of doing business, provide adequate financial support through banks, rationalisation of taxation and SEZ policies to make this sector a hub for FDI and manufacturing outsourcing by the world. This support will help bring India at par with our competitors such as China, Thailand, Vietnam, and Turkey,” he added.