GJ Town India

  MoF constitutes industry Specific special group!   In a virtual review meeting held between the Finance Ministry and the GJEPC on 18th August, the Hon’ble Finance Minister (MoF) Smt. Nirmala Sitharaman called for the formation of a Special Group, including Customs and banking officials, to resolve all issues related to the gem and jewellery (GJ) sector. The Finance Minister added that if the gem and jewellery industry does not get a satisfactory reply from the Special Group, the matter may be flagged to the FM.   The Meeting was attended by Ms Nirmala Sitharaman, Hon’ble Finance Minister; Mr Sandeep Bhatnagar, Member Customs; Mr G D Lohani, JS TRU; Mr Colin Shah, Chairman, GJEPC; Mr Vipul Shah, Vice Chairman, GJEPC; Mr Sabyasachi Ray, Executive Director, GJEPC were present at the meeting.   Expressing gratitude to the Finance Minister for the review meeting, Colin Shah, Chairman, GJEPC said, “The export of gem and jewellery sector is witnessing some signs of ...

Indian exports may face Further challenges! India Ratings and Research (Ind-Ra) believes the ability of export-oriented domestic manufacturers to keep up merchandise goods supply will remain key to navigating the path to recovery in exports. While domestic exporters are facing vulnerability in form of geography and commodity concentration, overall demand prospects for merchandise goods from importing countries could improve, creating a potential demand-supply mismatch for Indian exports. A prolonged disruption due to Covid-19 could materially impact the credit and liquidity profile of companies in some of the export-heavy sectors such as textiles, gems and jewellery and auto ancillaries. With the latest developments between India and China, Indian exports may face further challenges. Since January 2020, Ind-Ra has taken 25 negative rating actions, 13 positive rating actions and revised the rating Outlook down for another 16 issuers meaningfully exposed exports. ...

GJEPC said in a statement, Not helpful to G&J exporters! In a measure to support the MSMEs to fight the rock-hard scenario of Covid-19, the Union Cabinet, chaired by Prime Minister Shri Narendra Modi met on Monday, 1st June 2020. This was the first meeting of the Union Cabinet after the Central Government entered into its second year in office. During the meeting, historic decisions were taken that will have a transformative impact on the lives of India’s hardworking farmers, MSME sector and those working as street vendors. In an attempt to EoDB, Micro, small and Medium Enterprises popularly called as MSMEs are the backbone of Indian economy. Silently operating in different areas across the country, more than 6 crore MSMEs have a crucial role to play in building a stronger and self-reliant India. In the aftermath of Covid-19 pandemic, the ministries were quick to recognise the role of MSMEs in building the Nation. That is why MSMEs formed a very prominent part o...

Impact on Exports due To Decline in Export Credit Government has taken Major steps for MSMEs As per data compiled by RBI, the balance outstanding for export credit by all Scheduled Commercial Banks (SCBs) increased from Rs 1,85,591 crore as on 31.3.2015 to Rs 2,43,890 crore as on 31.3.2018 before declining to Rs 2,26,363 crore as on 31.3.2019. Government has taken following major steps to increase the flow of credit to micro, small and medium enterprises (MSME) exporters: (i) Raising interest equalization rate under Interest Equalisation Scheme (IES) from 3% to 5% for MSME exports, (ii) Including Merchant exporters under IES for Pre and Post Shipment Rupee Export Credit, (iii) facilitating export under GST by permitting Letter of Undertaking in place of bond with no bank guarantee for exporting goods or services or both, (iv) Allowing merchant exporters to procure goods from domestic suppliers, for export, with nominal GST of 0.1%, (v) Provisional sanct...