GJC through Budget recommendations
Seeks pro-consumer initiatives All India Gem and Jewellery Domestic Council (GJC) through its Budget recommendations seeks pro-consumer initiatives such as reduction in GST rate on jewellery to 1.25%; increase in PAN Card limit and cash limit & EMI facility for rural and semi-urban India. The industry is identified as one of the stress sectors in KV Kamath’s report in 2020. Post the impact of Covid’s first and second wave in 2020 and 2021 respectively, the Gems & Jewellery industry was on the recovery route, however, the fear of the new virus variant Omicron looms large and there are talks of restrictions and additional curbs. India’s gem and jewellery business and allied businesses continue to suffer and face the brunt of the pandemic for nearly two (2) years now. Business has been slack due to lockdowns and curbs on retail sector; customers are not spending much on jewellery; and the MSME jewellers, craftsmen and artisans who comprise the bulk of ...