SME Times News Bureau | 21 Dec, 2019
The
Indian gem and jewellery sector is the global hub of jewellery and contributes
to around 7% of the country’s GDP and 15% to India’s total merchandise exports,
said Commerce Minister Piyush Goyal.
Appreciating
the work being done in the sector Commerce and Industry & Railway Minister,
Piyush Goyal urged those in this sector to now achieve the target of USD 75
billion from 40 billion much faster.
He was
speaking on the occasion of the 46th India Gem & Jewellery
awards 2019 held in New Delhi on 18 December 2019.
The Commerce
and Industry Minister further stated that the Indian gem and jewellery sector
has a huge potential to grow in the trade and in creation of more jobs and he
assured that the Ministry of Commerce and Industry will extend all help to the
sector to achieve its target of USD 75 billion.
He
urged entrepreneurs in the sector to make full use of the soon to be launched
NIRVIK Scheme of ECGC that will ease the lending process and enhance loan
availability for exporters.
It
will also make foreign exchange loans available at much cheaper rates not only
for large export houses but also small exporters.
Commerce
and Industry Minister informed that there are 4 Common Facility Centers being
set-up in the country apart from the 4 that are already in use at present and
the sector must make full use of them to get jewellery tested and certified.
Those
in the gem and jewellery sector must also address the issue of unnecessary
import of gold, he further urged those associated with the sector to device a
scheme that will help the Government of India to unlock this asset that is
lying locked up in personal vaults of the citizens which will help to reduce
the burden on India’s FOREX reserves added the Minister.
Members
of this sector may also explore the possibility of creating jewellery parks on
the lines of the gold souk in Dubai to attract buyers from the domestic market
and also overseas, said Piyush Goyal.
Out of
the 15 diamonds mined in the world 14 are cut and polished in India therefore
it is very essential that the diamond sector help in training talent and scale
up skilling to get more value for its products added Piyush Goyal. He urged the
diamond industry to set up more skilling centres and get more skilled manpower
into this sector.
Piyush
Goyal appreciated the work being done by this sector in the fields of education
especially children in tribal areas through the ekal vidyalayas and he urged
the sector to now establish awards in categories like units giving highest
worker’s benefits like health insurance and education of children and spend
more CSR funds on the 5 million employees, and their families, engaged in this sector.