'Explore new mkts to reach over $300 bn exports in FY13'

Minsiter of State for Commerce and Industry, Jyotiraditya M. Scindia at an annual Certificate Award Function organized GJEPC in New Delhi.

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SME Times News Bureau | 05 Apr, 2012
For ensuring more than USD 300 billion exports in FY 2012-13, Indian exporters must explore new markets of Latin America and Africa, Minsiter of State for Commerce and Industry, Jyotiraditya M. Scindia said on Wednesday.

Scindia said, "As demand slows down in the US and the crisis-ridden Eurozone, Indian exporters should search new markets of Latin America and Africa for ensuring more than USD 300 billion exports this fiscal 2012-13." He was speaking at an annual Certificate Award Function organized by IGJI in New Delhi.

He said, "In future exports growth would come from Latin America, Africa, parts of Asia, Indonesia and Oceana."

"In fact, the commerce ministry has already tinkered its foreign trade policy, giving new incentives to exporters who ship out products to the new markets," he added.

According to government data published on Monday, exports from the country grew an annual 4.3 percent to USD 24.6 billion in February. Cumulative value of exports for the period April-February 2011-12 was USD 267.4 billion as against USD 220.2billion registering a growth of 21.42 percent over the same period last year.

The Indian Institute of Gems and Jewellery (IGJI) set by Gems and Jewellery Export Promotion Council (GJEPC) Under the Ministry of Commerce and Industry has organized its annual Certificate Award Function.

Scindia was the chief guest. He urged the designer students of the institute to develop designs of jewellery acceptable in the global markets to boost exports from the country.

“The exports of gems and jewellery have risen by 14.35 in rupee terms in the April-January period during the present fiscal year 2011-12, according to a data made available by the Gem and Jewellery Export Promotion Council. India has exported gems and jewellery worth Rs 1,68,204 crore in the April to January period of the current fiscal 2011-12."

"During January, the exports rose by 9 percent to Rs 16,858.75 crore. The exports of cut and polished diamonds for the year 2011 has declined 5.2 percent as against 2010. In 2011, India has exported 618.64-lakh carats of cut and polished diamonds as compared to 652.64- lakh carats last year. Due to the strengthening of dollar and price surge in diamonds and gold, the exports rose 21 percent in value terms to USD 46662 million as compared to last year's USD 38546 million in 2010," Scindia said.

In rupee terms, the exports of cut and polished diamonds rose 23 percent to Rs 2,16,901 crore as against last year’s Rs 1,76,253 crore.

Indian Institute of Gems & Jewellery Delhi is an educational project of the Gems & Jewellery Export Promotion Council, sponsored by the Ministry of Commerce and Industry, Government of India. It was initially set up in 1986 as JPDC (Jewellery Product Development Centre) to impart training to students in Jewellery Manufacturing and Jewellery Design.

The object of the Institute is to provide advance learning, knowledge and professionalism in the field of Jewellery.

At IIGJ-D courses are designed for the ambitious, enthusiastic and determined career seeking students who later are inducted into the Gems & Jewellery sector to give a fillip to the creative and professional aspect in an Industry that is a leading foreign exchange earner for the Country.

Total exports of the gems and jewellery sector in 2011 has been Rs 174104.46 Crore.