Piyush Goyal, India’s Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles met with Export Promotion Councils (EPCs), Commodity Boards, and Authorities today at the Trident Hotel in Nariman Point, Mumbai, to explore ways to boost exports. The Union Minister highlighted policy measures to boost exports and set a target of USD 1 trillion in merchandise exports.
Colin Shah, Chairman of the Gem & Jewellery Export Promotion Council, discussed the immediate steps that must be taken to enhance the sector’s exports, which include:G&J Exports are covered by the ECGC. Diamond Imprest License is now available on FTP. FTP’s Repair Policy is Introduced; Removal of the 2% Internet Equalisation Tax; Customs announces an E-commerce policy for G&J with RMS; Allowance for property transfers in SEZs; Free Trade Agreements with the United States, Canada, and Australia; Free Trade Agreements with the United Arab Emirates, including a reduction in gold import duties; Free Trade Agreements with the United States, Canada, and Australia; Free Trade Agreements with the United Arab Emirates; Free Trade Agreements with the United Arab Emirates; Free Trade Agreements The government announces a shopping festival, with GJEPC and ITPO as organisers; Exporters are unable to obtain duty-free gold or silver due to a lack of supply; To speed duty benefit delivery of raw materials to exporters, a duty drawback would be made electronically.Granting 50 crore to Mega Common Facility Centres (CFCs) in Surat and Mumbai, respectively; and allowing G&J exports under $50000 to use the RMS facility at Customs.
“E-commerce for gems and jewellery is already under discussion at an advanced stage, and we will shortly be finalising that with the Ministry of Finance,” Mr. Goyal stated in response to the Chairman’s presentation. In addition, the Ministry of Commerce is working on a space transfer policy for SEEPZs and partial or complete denotification for SEZs in collaboration with the Ministry of Finance. These problems will be resolved immediately. A sectoral shopping fair, focusing on high-value gems and jewellery, should be organised.”
“Meeting Piyushji has been a learning experience every time,” said GJEPC Chairman Colin Shah, thanking Union Minister Piyush Goyal. His emphasis on quality and the implementation of straightforward and transparent changes will go a long way toward boosting the country’s exports. I’d like to express my gratitude to Piyushji for taking into account our requests to increase gem and jewellery exports. The E-commerce regulation would be a watershed moment for the sector; I am confident that we would not only meet our $44 billion export goal this year, but also our $69 billion G&J export goal in the coming years.”
