Interim Union Budget 2024: GJEPC Welcomes Finance Minister's Vision For Viksit Bharat By FY 2047

Interim Union Budget 2024: GJEPC Welcomes Finance Minister's Vision For Viksit Bharat By FY 2047

"Before FM presents the full budget and detailed roadmap for the pursuit of ‘Viksit Bharat’ in July, GJEPC seeks inclusion of gem & jewellery artisans and craftsmen in the PM-Vishwakarma Yojana for end-to-end support scheme”

FPJ SURATUpdated: Thursday, February 01, 2024, 06:28 PM IST
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Gem & Jewellery Export Promotion Council (GJEPC) has welcomed Union Finance Minister Nirmala Sitharaman’s announcement to make India Viksit Bharat by FY2047. The Diamond and jewellery exporters agree with the finance minister that globalization is being redefined and a new world order is emerging after the pandemic.

For gem & jewellery exporters, the recently announced India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and others. Just as the CEPA trade agreement has increased jewellery exports to the Middle East, GJEPC welcomes bilateral trade agreements with European countries and others to boost gem & jewellery exports.

GJEPC welcomes Interim Union Budget

“We welcome FM coining the real GDP growth as well as her emphasis on Governance, Development & Performance. Before FM presents the full budget and detailed roadmap for the pursuit of ‘Viksit Bharat’ in July, GJEPC seeks inclusion of gem & jewellery artisans and craftsmen in the PM-Vishwakarma Yojana for end-to-end support scheme” said Vipul Shah, chairman of GJEPC.

"Of the increased outlay of Rs. 11.11 lakh crore announced by the FM, we seek allocation towards modern infrastructure such as Jewellery Parks for boosting gem & jewellery exports from India. As more than 80% of the gem & jewellery industry are MSMEs, we urge FM to include Government schemes for Gems and Jewellery that will help the sector compete globally,  including the skilling and training for MSMEs” said Shah.

GJEPC’s Recommendations To Government To Propel Gem & Jewellery Exports

1. Safe harbour rule for sale of rough diamonds in Special Notified Zones (SNZs)

2. Introduction of Diamond Imprest License and reduction in import duty on cut & polished diamonds to 2.5%

3. Reduction in import duty on gold/silver/platinum bars to 4%

4. Introduction of a mechanism like “Rates & Taxes Refund” through EDI system similar to GST refund

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