India Eyes $100 Billion Gem & Jewellery Exports with New Vision

The Gem & Jewellery Export Promotion Council (GJEPC) has set an ambitious target of $100 billion in exports for India's gem and jewellery sector, aiming to make India a global hub by 2047 with a domestic market target of $500 billion. This vision was presented to Prime Minister Narendra Modi, who chaired a meeting to gather inputs for strengthening India's global trade competitiveness. Currently, the sector contributes $30 billion in exports and $85 billion in domestic sales, employing over 42 lakh people and accounting for 7% of India's merchandise exports. To achieve its goals, GJEPC has proposed several key policy reforms. These include introducing a special scheme for concessional export credit, especially for MSME units, modernizing the Customs Act with a Risk Management System and AI-based digital appraisals for faster and transparent procedures, and expediting the amendment to the SEZ Act to allow limited domestic sales. They also suggested formulating a National Gem & Jewellery Park Policy to boost domestic manufacturing and attract investment. Simplifying export-import procedures and customs processes is also a priority to match global ease of doing business standards. Additionally, GJEPC requested a White Paper on the sector. Impact This news is significant as it outlines a clear, high-growth vision for a major Indian export sector. Achieving these targets requires substantial government support and policy changes, which, if implemented, could boost sector-specific companies, employment, and foreign exchange earnings. The focus on export competitiveness and ease of doing business can have a positive ripple effect on India's overall trade balance and economic growth. Rating: 8/10 Difficult Terms Explained: MSME: Micro, Small and Medium Enterprises, referring to small and medium-sized businesses. SEZ: Special Economic Zone, a designated geographical region with different economic laws and regulations aimed at boosting exports and investment. ECGC: Export Credit Guarantee Corporation of India, a government agency that provides credit risk insurance to exporters. Risk Management System: A system designed to identify, assess, and prioritize risks in customs clearance processes. AI-based digital appraisals: Using Artificial Intelligence to electronically evaluate goods for customs purposes. White Paper: An authoritative report providing information and analysis on a complex issue, often proposing solutions or a course of action.