GJ Town India

GJEPC to provide inputs on SION until this 31st July!   On behalf of the industry, the Gem & Jewellery Export Promotion Council (GJEPC) extends its heartfelt appreciation to the Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry for their recent decision to put in abeyance the changes in maximum permissible wastage norms for gold, platinum, and silver content in jewellery exports.    In a virtual meeting called at a short notice on 28th May, GJEPC played an active role in advocating for a balanced approach that enables minimal disruption to exports and considers both efficiency and the livelihoods of millions associated with the trade. In the meeting, GJEPC informed DGFT officials that the revised norms would have a disproportionate impact on the small and medium-sized enterprises (MSMEs), which represent 85% of all exporters. DGFT has given GJEPC time until 31st July to provide inputs on Standard Input Output Norms (SION).  In ...

24 IGJ Awards included Women Entrepreneur of the Year & Best Bank   Ramesh Bais & Mukesh Ambani grace GJEPC’s 50th IGJ Awards Russell Mehta bestowed with Lifetime Achievement Award   The Gem & Jewellery Export Promotion Council (GJEPC) presented the coveted 50th India Gem & Jewellery Awards (IGJA), to the brightest jewels in India’s exports’ crown. GJEPC presented a total of 24 IGJ Awards: 14 - Industry Performance Awards; 7 - Special Recognition Awards; 2 - Felicitation Awards; and 1- Bank supporting the Gems & Jewellery Industry Awards. IGJA is powered by GIA - Gemological Institute of America, The World's Foremost Authority in Gemology.    Since its inception in 1974, the IGJA has been an emblem of excellence in the gem and jewellery industry, recognizing the entrepreneurial spirit and innovation that propel the industry forward. Every year, IGJA honors the best of the best, showcasing the pinnacle of achievement in the gem and jewellery sector...

  Measures that boosting industry growth!   Promotion of industries is a continuous and ongoing effort of the Government. Government has taken a number of steps, in addition to the ongoing schemes, to boost the growth of industries. The measures taken in a few important areas are highlighted below:   1. Atmanirbhar Package to boost Industrial growth has been announced by the Government for Rs. 20.97 lakh crore with bold reforms in a number of sectors.  The Emergency Credit Line Guarantee Scheme (ECLGS), having provision of Rs 3 lakh crores, is 100% credit guarantee and Collateral Free Automatic Loans for MSMEs.   Financial support has been given to the stressed MSMEs with infusion of Rs.20,000 crore equity support through Subordinate Debt. Fund of Funds created to infuse equity worth Rs.50,000 crore in the MSME Sector by setting up Rs.10,000 crore Corpus Fund. Also, Government is ensuring timely payment to the MSMEs by instructing all Government of India a...

MSMEs to explore the 59 Minute Loan Sanction portal Ministry of Micro Small and Medium Enterprises (MSME) organized a Regional Conference on MSME Financing under National SC/ST Hub Scheme in New Delhi.   Minister of State (I/C) for MSME, Giriraj Singh said in his inaugural address stressed on the need for financial inclusion of small entrepreneurs, without whom the country cannot develop. While appreciating the banking sectors concerns about the Non-Performing Assets and bad debts, he pointed out that where there is need based financing from the banks the recoveries have been more than 99 per cent. He urged the banks to set their priorities in line with the policies and financial guarantees of the Government and provide loans to youth and small entrepreneurs. Talking about the 12 initiatives of the Government for the MSME sector announced by the Prime Minister on 2nd November 2108, Giriraj Singh urged MSMEs to take full advantage of the 59 Minute Loan Sanction po...

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 wi...

GST Turnover Limit extended Effective from 1st of April, 2019 The GST Council in its 32nd Meeting held under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others: 1: Increase in Turnover Limit for the existing Composition Scheme: The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special category States would decide, within one week, about the Composition Limit in their respective States. 1.1: Compliance Simplification: The compliance under Composition Scheme shall be simplified as now they would need to file one Annual Return but Payment of Taxes would remain Quarterly (along with a simple declaration). 2: Higher Exemption Threshold Limit for Supplier of Goods: There would be two Threshold Limits for exemption from Regist...

RBI steps up to ensure Access of credit to MSMEs! An online lending portal www.psbloansin59minutes.com  with majority ownership of 6 Public Sector Banks (PSBs)/ Financial Institutions (FIs) along with their associated companies, has been launched which facilitates in principle approval for loans to Micro Small and Medium Enterprises (MSMEs) upto Rs.1 crore within 59 minutes from PSBs.   Key features of the portal, inter-alia include enabling borrowers to connect with multiple banks without visiting the branch, financial technology (FinTech) based architecture with high level of information security, analysis of data from various data points, loan products in line with scoring models and assessment methods within approved credit policies, prima facie eligibility check for credit guarantee from CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises), etc. Government and Reserve Bank of India (RBI) have taken several steps to ensure access of c...

GoI has taken several measures to improve competitiveness of Indian industry The growth of exports of products manufactured by MSME units has been 7.5%, during the financial year 2017-18. This was informed by Giriraj Singh, MoS (I/C) for the Ministry of MSME, in the Lok Sabha. The Minister further informed that the growth had been -5.9%, and 4.8% during 2015-16 and 2016-17 respectively.   Giriraj Singh added that as per the information received from Directorate General of Commercial Intelligence & Statistics, the value of exports of MSME related products have been USD 130768.70 Million, USD 137068.80 Million, USD 147390.08 Million, USD 78519.91 Million during the financial year 2015-16, 2016-17, 2017-18 and 2018-19 (till September, 2018), respectively. He also stated that the Government of India has taken several measures to improve competitiveness of Indian industry and to boost exports. These include efforts taken under National Manufacturing Competitiveness...

MSMEs employs 1109.89 lakh Government emphasizes the promotion Programmes and Schemes for MSMEs The Government emphasizes the promotion of ecosystem for development of MSMEs in the country. Various programmes and schemes have been put in place with particular focus to develop and facilitate access to finance, skill development, infrastructure support, access to market, technology up-gradation and ease of doing business. This was stated by Minister of State (Independent Charge) for Micro, Small and Medium Enterprises, Shri Giriraj Singh while replying to a question in the Rajya Sabha. The Minister informed the House that according to Central Statistics Office (CSO), the contribution of MSME in the Total Gross Value Added (GVA) has been 31.8% during the financial year 2016-17. Funds budgeted for different schemes of the Ministry of MSMEs to support the development of MSMEs in the country for the year 2016-17 and 2017-18 have been Rs. 5462.71 crore and Rs. 6481.96 c...

Schedule for 2019 announced! BDW next From April 1-3, 2019, and during October 14 to 16 The second edition of the Bharat Diamond Week concluded with a high note. Virtually every exhibitor expressed a success note. Many said they played well and beg a business as well as good inquiry. Though some of the exhibitors referred a strong US dollar & weakness of Indian Rupee & said, they could not deal domestic players. While many players recorded business in the scenario by announcing some discount or an offer!   On the concluding day, Mehul Shah, Vice President- BDB was in the dome. By casting his concluding statement he said, well every player knows their business & also knows to carry a deal with in the best practice. Yet, at the dome, we- BDB is here to support MSMEs & SMEs. Expressing on dollar- Rupee scenario he said, nobody in the dome is retailer who counts on daily sales. We are here for relationship & networking. Our diamond business is all ...