India wants to make its G&J sector Aatmanirbhar: Piyush Goyal

The gem and Jewellery sector has played a key role in the economic growth of the country. It is believed to be a strong pillar of the Indian economy. Its export has been registering good numbers and the government has kept a high target keeping in mind its strong base in India.

The Minister for Commerce & Industry, Textiles, Consumer Affairs and Food & Public Distribution Piyush Goyal today said, “The Gems & Jewellery sector is expected to achieve the export target of $40 billion this year. the sector is expected to register a growth of 6.5% over the pre-Covid levels.”

Goyal made the statement while addressing the Inaugural Ceremony of India International Jewellery Show (IIJS) Signature 2022 through video conferencing. This event was organised by the Gem and Jewellery Export Promotion Council (GJEPC).

“Our Gold and Diamond trade contributes about 7% to our GDP and employs over 50 Lakh persons. The exports already stand at $32 bn this year until January,” Goyal said.

He added, “Under the leadership of the Prime Minister Shri Narendra Modi, India wants to make its G&J sector self-reliant i.e. Aatmanirbhar & the Government has declared the G&J sector as a focus area for export promotion.”

The Commerce Minister highlighted the following positives steps taken in this year’s budget:-

Reduction in import duty on cut & polished diamonds from 7% to 5%
Extension of Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs up to March 2023. (Over 90% of units in the G&J sector are MSMEs)
Acceptance of personal surety bonds in place of bank guarantee for import of gold Replacement of SEZ Act with a new SEZ regime
A simplified regulatory framework for e-commerce in the next few months will facilitate G&J exports through e-commerce, ensuring that small retailers are able to ship their products overseas