GJEPC Calls for Simplified Trade Procedures to Boost India's Gem & Jewellery Sector
The GPT and Jewellery Export Promotion Council (GJEPC) has called for simplifying export-import procedures and customs processes to boost India's competitiveness in global trade. GJEPC Chairman Kirit Bhansali proposed several policy reforms, including a National Gemini and Jewellery Park Policy, to strengthen the sector's growth and employment.
The gem and jewellery sector, contributing USD 30 billion in exports and USD 85 billion in domestic sales, employs over 4.2 million people across India. GJEPC aims to double exports to USD 100 billion and build a USD 50 billion domestic market by 2047.
Bhansali proposed amendments to the Customs Act, 1962, including a Risk Management System and AI-based digital appraisals, to enhance India's ease of doing business. He also advocated for affordable credit facilities, particularly for MSME units in the sector.
GJEPC's proposals, if implemented, could significantly boost India's gem and jewellery sector, fostering growth, attracting global investment, and creating more jobs. The sector's potential is substantial, with its current contributions to exports and employment demonstrating its significance in the Indian economy.
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