Progressive direction for the SMEs, MSMEs

Gem-n-Jewellery industry
Wishing to be addressed!

Disposable income will
surely lead to retail growth!

Mr Pramod Kumar Agrawal, Chairman, Gem and Jewellery Export Promotion Council (GJEPC) said, “We understand that the budget presented was a vote on accounts budget and is not a full budget. We welcome Government’s thrust on ensuring progress and prosperity through the budget. The relief given in direct taxes to middle classes and farmers will be good for increasing jewellery demand in the country.

Also we hope that with the capital infused in the banking sector and banks coming out of PCA will help in solving the shortage of working capital for our exporters. At the same time we are disappointed that the demand for decrease in import duty of raw materials like gold, silver, C&P diamonds and coloured gemstones were not included in the budget today.

We hope that during the declaration of the full budget after elections the gem and jewellery sector demands will be addressed.”

Saurabh Gadgil, National Vice President-Indian Bullion and Jewellers Association (IBJA) said: “The Interim Budget FY 19-20 seems to be in a progressive direction, it lends support and upliftment for the SMEs, MSMEs, agricultural sector and the taxpaying middle class. The relief in income tax and various other exemptions, favourable policies towards the SME and agricultural sector will have a directly proportional effect on the gems and jewellery industry.

People will have disposable income; it will surely lead to retail growth. This budget also indicates that the ministry feels it is time to clean and organize the gems and jewellery industry by introducing a comprehensive gold policy to develop gold as an asset class, provisional guidelines are being made for Gold Spot exchange, Gold Deposit account, Gold Monetization Scheme, this will form a comprehensive Mines to Market gold policy in the coming months.

We are hoping this budget will bring about the required confidence in the economy and benefit the industry in the long run.”


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