GJEPC participates in Finance Ministry meeting, gives inputs for upcoming government budget
The Gem and Jewellery Export Promotion Council represented the jewellery industry at a meeting with Union Minister of Finance and Corporate Affairs Nirmala Sitharaman and requested reduced import duties in the upcoming government budget for 2020/ 2021.
On December 17, the GJEPC’s chairman Pramod Kumar Agrawal and executive director Sabyasachi Ray advocated for the Indian jewellery industry ahead of the upcoming General Budget, the GJEPC announced on its website. The meeting took place in New Delhi, was the third Pre-Budget Consultation meeting, and was also attended by the Minister of State for Finance and Corporate Affairs Anurag Thakur and a number of other senior government officials and industry representatives.
Agrawal and Ray covered a range of topics in their presentation at the meeting including the need to create an environment more conducive to attracting investment. The GJEPC asked for a reduction in import duty on cut and polished diamonds and gemstones from 7.5% to 2.5% in the budget as well as a reduction in import duty on precious metals gold and silver from 12.5% to 4%.
In terms of banking issues faced by the jewellery industry, the GJEPC voiced a need for interest subvention for the sector and a removal of the ceiling on the number of diamond dollar accounts. Ray and Agrawal also asked for finance to be made available on goods and services tax refunds as per returns filed by companies.
In order to promote exports, the GJEPC argued against India entering into free trade agreements or multilateral trade agreements as it believes that would put other countries at an advantage and be anti-competitive for India. The organisation also called for an increase in the ease of doing business in India and an increased focus on logistics. Other proposals to the Union Government included setting up a Gem Bourse in Jaipur and a “India Jewellery Park” in Mumbai.
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