Govt focused on boosting the gem and jewellery sector: Piyush Goyal
Goyal said the proposed policies in the Budget, including a reduction in import duty on Cut and Polished Diamonds to 5 percent from the earlier 7.5 percent will help facilitate exports through e-commerce ensuring that small retailers are aimed at making the sector self-reliant.
The country needs a self-reliant gem and jewellery sector and the government has made it a focus area to help boost both domestic as well as export growth, according to Commerce and Industry Minister Piyush Goyal.
"India wants to make the gem and jewellery sector self-reliant. Therefore, this will be a focus area both for domestic growth and for export promotion. The Budget 2022 has paved the road for the sector to grow and expand India's footprint in the global gem and jewellery trade," the minister said virtually at the inaugural function of IIJS Signature 2022.
The sector contributes 7 percent to the GDP and employs around 50 lakh people, he said.
Goyal said the proposed policies in the Budget, including a reduction in import duty on Cut and Polished Diamonds to 5 percent from the earlier 7.5 percent, an extension of emergency credit line guarantee scheme for MSMEs up to March 2023, acceptance of personal surety bonds in place of bank guarantee for import of gold, will help facilitate exports through ecommerce ensuring that small retailers are aimed at making the sector self-reliant.
"I am confident that the sector will be able to achieve its target of $40 billion exports, which stood at $32 billion till January 31, by the end of this financial year and reach the pre-COVID-19 level," he added.
The four-day India International Jewellery Show Signature 2022 scheduled till February 21 has 850 exhibitors participating and occupying 1,450 booths.
The show has more than 14,000 pre-registered visitors from 632 cities in India and more than 400 international visitors, buyers and delegations from the US, UAE, Egypt, Nepal, Uzbekistan, Bangladesh.
Edited by Anju Narayanan