India Needs To Establish An Efficient & Trade-Friendly Business Environment To Remain Globally Competitive: GJEPC

Mumbai: To remain globally competitive with leading trade hubs and accelerate exports, India needs to establish an efficient and trade-friendly business environment, the Gem and Jewellery Export Promotion Council (GJEPC) said on Monday.

GJEPC Chairman Kirit Bhansali was speaking at a meeting, chaired by Prime Minister Narendra Modi, with selected representatives of various industry sectors that contribute majorly to India's merchandise exports, according to a release by the industry body.

"...India's gem and jewellery sector has achieved remarkable growth and ease of doing business. We are confident of surpassing USD 100 billion in exports and building a USD 500 billion domestic market by 2047, making India the global hub for gems and jewellery," he stated.To achieve this, policy reforms are needed to boost India's competitiveness in global trade, said Bhansali.

He said, to enhance ease of doing business in the sector, the government needs to make amendment of Customs Act, 1962 and modernisation of the Customs Act, 1962, which include implementation of a Risk Management System, and AI-based digital appraisals.These measures will make customs procedures faster, more transparent, and cost-efficient - significantly enhancing India's ease of doing business and global competitiveness, he noted.

Facilitating affordable credit for export business in the sector is another measure, which is enjoyed by exporters in competing economies, will help the sector, especially the MSME units, he said.Bhansali proposed the formulation of a National Gem and Jewellery Park Policy, similar to those existing for the textile and leather sectors, to strengthen domestic manufacturing ecosystems and attract global investment into India's gem and jewellery value chain.

He further urged for a White Paper on Gems and Jewellery Sector based on the inputs recently submitted by GJEPC to NITI Aayog.Additionally, GJEPC has asked the Ministry of Finance to simplify export-import procedures and customs processes for the gem and jewellery sector."Such measures are vital to ensure ease of doing business on par with leading global trading destinations," he added.

The gems and jewellery sector contributes USD 30 billion in exports, USD 85 billion in domestic sales, 7 per cent to India's Merchandise Exports and provides direct employment to over 42 lakh people across India. 

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