GJEPC Urges Government to Enhance India's Gem and Jewellery Export Competitiveness
Key Recommendations for Boosting Exports
New Delhi, Nov 4: The Gem and Jewellery Export Promotion Council (GJEPC) has urged the government to revise the Customs Act, provide concessional export credit, fast-track the SEZ Act amendment, and establish a National Gem and Jewellery Park Policy to improve India's position in global trade.
Kirit Bhansali, the Chairman of GJEPC, presented these crucial policy suggestions during a meeting with industry representatives in the export sector, which was chaired by Prime Minister Narendra Modi, according to a statement from the Council.
Bhansali emphasized the necessity for India to create a trade-friendly business environment to compete effectively with major trade hubs like Belgium, London, the USA, and the UAE.
He highlighted the industry's demand for modernizing the Customs Act of 1962, advocating for the introduction of a Risk Management System and AI-driven digital appraisals. These initiatives are expected to streamline customs processes, making them quicker, more transparent, and cost-effective, thereby significantly improving India's ease of doing business and global competitiveness.
The council also called for a special scheme that would provide export credit at reduced rates, particularly benefiting MSME units, as stated in the announcement.
With the recent reforms bolstering India's banking system, the GJEPC chairman noted that offering interest subvention and ECGC premium subsidies would further enhance exporters' cost competitiveness and increase India's share in global trade.
Additionally, the council urged the government to expedite the SEZ Act amendment, which would permit limited domestic sales with appropriate duty adjustments and facilitate optimal use of idle capacity during off-peak seasons.
A proposal for a National Gem and Jewellery Park Policy was also made to bolster domestic manufacturing ecosystems and attract international investment into India's gem and jewellery sector.
Furthermore, GJEPC requested the Ministry of Finance to simplify export-import procedures and customs processes for the gem and jewellery industry to ensure a business environment comparable to leading global trading hubs.