“If the present tempo of exports continues to be round USD 2-2.5 million each month, then we’ll finish the yr between USD 20-21 billion,” GJEPC Chairman Colin Shah instructed reporters at a digital press convention.
He additional mentioned exports have slowly been enhancing as throughout September, the whole cargo was down 26.45 per cent in comparison with the identical month final yr, whereas in October it narrowed to 19 per cent and in November the decline was recorded at simply 3.88 per cent.
“We now have been extraordinarily aggressive within the final 3-Four months throughout this pandemic occasions in taking varied initiatives, particularly on the digital entrance. Our digital purchaser vendor meets and the India international connects that we have been doing each fortnight. They’ve actually helped in not solely connecting the complete commerce collectively, but additionally in boosting enterprise,” he added.
A number of authorities measures, together with the extension of time restrict for export credit score out there on the gold mortgage, on curiosity subvention, extension of moratorium on curiosity and EMI funds, the true classification of MSME, amongst others have helped the business get again on its toes, Shah acknowledged.
The manufacturing additionally has been again to normalcy, he mentioned including that pan-India “we’re already all again at 85-90 per cent stage, and the 10 per cent which hasn’t come again is barely due to COVID-19 or sure lockdowns which might be nonetheless prevalent in sure areas of the nation.”
Going ahead to spice up gems and jewelry exports, GJEPC in its pre-Funds proposal has urged the federal government to scale back the import responsibility on minimize and polished diamonds to 2.5 per cent from the present 7.5 per cent.
In addition to, it has demanded that the import responsibility on minimize and polished valuable and semi-precious gems be slashed to 2.5 per cent from 7.5 per cent and import responsibility on valuable metals like gold, silver and platinum be diminished to Four per cent from 12.5 per cent.
The council additionally demanded the removing of fundamental customs responsibility of 0.50 per cent on tough color gems, modification in taxation provisions to allow sale of tough diamonds in Particular Notified Zone in Mumbai, extension of the present scheme for Widespread Facility Centre (CFC) for 5 years.
Shah additionally urged for a Funds allocation of Rs 200 crore in direction of the CFC venture primarily based on the precinct that every such venture will likely be of round Rs 20-40 crore and a minimum of one mega CFC in every area will likely be required to be arrange.
The proposal additionally really useful Know-how Upgradation Fund (TUF) Scheme for the gems and jewelry business, fixation of minimal import value and hike in import responsibility on imitation jewelry, and introduction of “Charges and Taxes Refund” mechanism by means of EDI system much like GST refund.
It additionally demanded enhance in import responsibility on minimize and polished cubic zirconia to 15 per cent from 5 per cent and nil responsibility for tough cubic zirconia as in comparison with 0.50 per cent to curb import of completed merchandise.
In addition to, the council demanded hike in import responsibility on artificial minimize and polished stones to 25 per cent from 5 per cent, Shah added.