News

May 31, 2019

GJEPC and the Gem & Jewellery Industry Commit to Contributing Substantially in Building Hon’ble Shri Narendra Modi’s New India

The Gem & Jewellery Export Promotion Council (GJEPC) today extended its congratulations to Hon’ble Shri Narendra Modi for his second term as Prime Minister of India, and welcomed Hon’ble  Shri Piyush Goyal as Minister for Commerce & Industry and Hon’ble Smt  Nirmala Sitharaman as Minister for Finance, in a press release put out today.

“The Hon’ble Prime Minister Shri Narendra Modi had made his vision clear about building a New India after a thumping win in the Lok Sabha election,” The GJEPC said. “The BJP and its alliance partners have come in power with full majority for the second time and this shows that the people of India want  change and have taken the pledge to stand with the Prime Minister for the transformation of India.”

The apex body of the gems and jewellery export industry in the country, went on to say: “The Gem and Jewellery industry is a sector that has been contributing immensely to the economy of the country.  The Government’s recent initiatives such as Jewellery Parks, Common Facility Centres (CFCs) and Skill Upgradation have been commendable; and these initiatives have geared up the sector to play a bigger role soon.”

Pramod Kumar Agrawal, Chairman,  GJEPC, said, “We congratulate Hon’ble Prime Minister Shri Narendra Modi for winning an absolute majority in Lok Sabha election and for being elected as the Prime Minister for the second term. I am confident that with his dynamic vision of creating New India, he will energise all sectors and businesses to work together to achieve that by 2022, the 75th year of India’s Independence. Prime Minister’s vision of Minimum Government, Maximum Governance will bring ease of doing business in exports for the sector. The industry has plans to support the nation and achieve the target of India becoming a super Rs. 5 trillion economy and to be amongst the leading economies of the world.”

The Chairman also extended his congratulations to the incoming Minister of Commerce & Industry and Railways saying:  “I also congratulate Hon’ble Shri Piyush Goyal, who has been appointed as the Union Minister for Commerce & Industry and Minister of Railways. Shri Piyush Goyal has been pivotal to the growth of Gem & Jewellery sector. He aided the industry to sail through enumerable impediments in the last few years. The industry is extremely fortunate to have an experienced and accomplished person at the helm of  MOC & I. Indian gem & jewellery trade is enthused with dynamic optimism to work under him. I am confident that under his able leadership and guidance G & J sector will achieve its objective of touching USD 60 billion exports and 6 million employment by the year 2022. The entire gem and jewellery industry looks forward to work with you and contribute immensely to Hon’ble PM Shri Narendra Modi’s vision of building New India.”  

Congratulating the Finance Minister Hon’ble Smt. Nirmala Sitharaman,  Agrawal said, “We are really fortunate to have a personality with such vast experience and knowledge as the Finance Minister. Formerly, in her capacity as Hon’ble Minister of State (IC) for Commerce & Industry, Smt. Nirmala Sitharaman had taken a host of initiatives and played an important role in guiding the gem and jewellery industry to scale new heights. The industry is also happy to get such a strong and accomplished Finance Minister of the country. The industry looks forward to work with you to create a conducive environment for the business to flourish in India”.

The Gem & Jewellery industry currently contributes around 7% to India’s total GDP, 13% to merchandise exports and employs over 5 million people. The industry is committed to increase the exports from US$ 40 billion to US$ 60 billion by 2022.

India’s gem & jewellery business is amongst the Top 3 employers of people and GJEPC said it sought the Government’s support to add new jobs and generate direct and indirect employment. The GJEPC indicated that it would seek continued support from the Government for major constructive reforms on international trade policies, ease of doing business, domestic bank financing and manufacturing/technological impetus for the gem & jewellery exporters and entrepreneurs, majority of whom belong to the MSME category.

GJEPC outlined its agenda saying that it would be working with the Government to address the following  concerns of the industry:

·   The sector needs easing of procedure in exports on part of Customs, GST and Taxation. This is acting as a great impediment to all export-intensive sectors.

·   The Gem & Jewellery industry is a labour-intensive sector. For further growth of employment in the sector the Council would call for offering similar kind of package to our sector as  is provided to textile & leather sector.

·   There is a need for ease of financing to the sector for increasing exports.

·   Implementation of Baba Kalyani report to increase exports from SEZs.

·   E-commerce, GST, Customs duty refund to foreign tourists against their purchase of gems and jewellery items in India is another issue for which GJEPC will talk with the Government

·   The introduction of Gold Policy as announced in last budget should be a priority for this new Government

·   GJEPC will work with the Government’s Skill India mission to upgrade the skills of existing workers by introducing them to modern technology through our world class schools.

GJEPC’s initiatives aim at making India a global gem & jewellery manufacturing hub by promoting local artisans and indigenous design and production, the organisation noted.  GJEPC has already set up CFCs in Visnagar, Palanpur, Amreli and Junagadh in Gujarat; it has plans to set up CFCs in Delhi, Kolkata, Jaipur & Hyderabad by 2019-2020. 

“The Council will work closely with all Government Ministries and bodies and units to ensure smooth and seamless conduct of business and betterment of this sector,” the statement concluded.