GJ Town India

On the way to attain global GJ Hub stature! To help gold jewellery exports   The Gem & Jewellery Export Promotion Council (GJEPC), congratulates the Government of India and the honourable Finance Minister Nirmala Sitharaman for presenting a strong pro-reform and export growth-oriented Union Budget under the visionary leadership of our honourable Prime Minister Narendra Modi.   The gem and jewellery (GJ) sector in India is overwhelmed by the Government support extended to the gem and jewellery industry in the Union Budget 2022-23. There is a swathe of favourable policy reforms announced that empowers the industry and puts it on a firm footing to capitalise on growth opportunities in the coming decade.   The Indian gem & jewellery sector is one of the leading contributors to the national economy and the country is the undisputed leader in diamond processing. GJEPC hopes to replicate this success in the jewellery vertical, too, and help India become the ‘Jeweller to the Wo

  India trade deficit is narrowing!   Union Minister of Commerce and Industry Shri Piyush Goyal met the Office-bearers of various Export Promotion Councils (EPCs), to discuss the issues concerning the country’s global trade, ground level situation, and problems being faced by the exporters.   Shri Goyal has been holding a series of discussions with the EPCs, particularly since the lockdown. The Commerce Secretary Dr Anup Wadhawan, DGFT Shri Amit Yadav and other senior officers of the Ministry were present in the meeting. In his opening remarks, the Minister said that the country’s exports as well as imports are showing positive trends. The exports are approaching the last year’s levels, after making a sharp dip in April this year due to pandemic. Regarding imports, the positive thing is that the Capital Goods imports have not declined, and the reduction in imports has been seen mainly in crude, gold and fertilizers.  He added that the trade deficit is reducing drastically and our s

The Bill to replace the previous Ordinance, 2019 (12 of 2019) The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved to introduce a Bill, namely, the Special Economic Zones (Amendment) Bill, 2019 that is the Bill to replace the Special Economic Zones (Amendment) Ordinance, 2019 (12 of 2019).  The Bill will be introduced in ensuing session of the Parliament. After the amendment of sub-section (v) of section 2 of the Special Economic Zones Act, 2005, a trust or any entity notified by the Central Government will be eligible to be considered for grant of permission to set up a unit in Special Economic Zones. The Special Economic Zones (Amendment) Ordinance, 2019 was promulgated on March 2, 2019. It amends the Special Economic Zones Act, 2005 which provides for the establishment, development and management of Special Economic Zones for the promotion of exports. Definition of person: Under the Act, the definition of a person includes an indi

Employment generation at 19.96 lakh skills The Special Economic Zones (SEZs) policy was launched in April, 2000.  The Special Economic Zones Act, 2005, was passed by Parliament in May, 2005 which received Presidential assent on the 23rd of June, 2005.  The SEZs Rules, 2006 came into effect on 10th February, 2006.   In addition to seven Central Government Special Economic Zones (SEZs) and 11 State/Private Sector SEZs set-up prior to the enactment of the SEZs Act, approvals have been accorded to 420 proposals for setting up of SEZs in the country. Of 355 notified SEZs, 230 SEZs are operational. SEZs being set up under the SEZ Act, 2005 and SEZs Rules, 2006 are primarily private investment driven. No funds are sanctioned by the Central Government for setting up of SEZ.  However, fiscal concessions and duty benefits have been allowed to developers and units as per the SEZ Act and Rules there under. As on 30.09.2018, exports from SEZs was Rs. 3,33,661 crore and employme