New Delhi, Nov 4 The Gem and Jewellery Export Promotion Council (GJEPC) has called on the government to amend the Customs Act, offer concessional export credit, expedite the passage of the SEZ Act amendment, and form a National Gem and Jewellery Park Policy to enhance India's competitiveness in global trade.
Kirit Bhansali, Chairman, GJEPC, in a meeting with select industry representatives in the export sector, chaired by Prime Minister Narendra Modi, presented key policy recommendations to boost exports and India’s manufacturing ecosystem, a statement from the Council said.
Bhansali noted that India needs to establish an efficient and trade-friendly business environment to remain globally competitive with leading trade hubs such as Belgium, London, the USA, and the UAE.
He said that industry expects a modernisation of the Customs Act, 1962, which includes the implementation of a Risk Management System, and AI-based digital appraisals. These measures will make customs procedures faster, more transparent, and cost-efficient -- significantly enhancing India’s ease of doing business and global competitiveness, he noted.
The council also requested a special scheme offering export credit at concessional rates, particularly benefiting MSME units, the statement said.
With India’s banking system strengthened by recent reforms, extending interest subvention and ECGC premium subsidies will further enhance exporters’ cost competitiveness and boost India’s share in global trade, the GJEPC chairman said.
The council also urged the government to expedite the passage of the SEZ Act amendment, which will allow limited domestic sales with fair duty adjustment and enable optimal utilisation of idle capacity during off seasons.
A National Gem and Jewellery Park Policy were proposed to strengthen domestic manufacturing ecosystems and attract global investment into India’s gem and jewellery value chain.
Further, GJEPC requested the Ministry of Finance to simplify export-import procedures and customs processes for the gem and jewellery sector to ensure ease of doing business on par with leading global trading destinations.
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