GJEPC Leadership Meets FM To Seek Relief

 

Discusses relief measures over 50% U.S. Tariff Impact  

A delegation from the Gem & Jewellery Export Promotion Council (GJEPC), led by Chairman Kirit Bhansali, along with Vice Chairman Shaunak Parikh and Executive Director Sabyasachi Ray, met with the Hon’ble Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, to discuss urgent relief measures for the Indian gem and jewellery sector, which has been significantly impacted by the recent 50% tariff imposed by the United States.  

During the interaction, Bhansali expressed gratitude to the Finance Minister for the landmark GST reforms that have positively shaped the industry. The delegation put forth key requests to provide immediate relief and ensure business continuity, including, 1: Permission for reverse job work, 2: Allowing DTA sales by SEZ units, 3: Extension of export obligation periods, 4: Interest moratorium on packing credit and working capital loans & 5: Liquidity support measures for exporters.

"We are pleased that India-US trade discussions have resumed, which is encouraging news. However, the process may take time, and until a resolution is achieved, it is essential to introduce relief measures to help the sector survive and sustain employment.  

We have requested allowing SEZ units to undertake reverse job work and DTA sales to keep factories and artisans engaged, extending export obligation periods for the US shipments, and providing an interest moratorium on packing credit and working capital loans to ease financial stress," GJEPC Chairman Kirit Bhansali said to media agency.  

The Council also sought recognition of the India Jewellery Park as an Industrial Park, and its inclusion in the Harmonised Master List of Infrastructure, thereby enabling the sector to avail benefits extended to industrial parks.  

The Finance Minister gave a patient hearing to the delegation and assured her support to the industry. She reiterated the government’s commitment to sustaining exports, safeguarding employment, and maintaining the global competitiveness of Indian gem and jewellery enterprises during this challenging phase.  

“Heartfelt thanks to Nirmala Sitharaman, Hon'ble Minister of Finance and Corporate Affairs, for engaging with GJEPC officials to discuss the representation made on relief measures on the recently imposed tariff of 50% by the US government. Your patient hearing, unwavering support and exceptional leadership will undoubtedly empower the Indian gem and jewellery industry to reach new heights of success” GJEPC said in their post meeting expression.





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