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.
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