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India Boosts Funding to Promote Exports
Oct 11, 2015 3:21 AM
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RAPAPORT... The Government of India has increased allocations for export
incentive schemes across the economy, including the diamond and jewelry
sectors, in the current financial year to $3.2
billion (Rs21,000 crore).
Commerce Secretary Rita A. Teaotia told a meeting with
representatives of 27 export promotion councils on October 7 that the new
amount was an increase on the earlier figure of $2.8 billion, according to a
statement by the Gem & Jewellery Export Promotion Council (GJEPC).
She also said the Ministry would take “specific actions” to
facilitate exporters and that export promotion councils’ suggestions would be
taken into account.
Praveen Shankar Pandya, representing the GJEPC, told the ministry
it could combat the exports slowdown in the gem and jewelry sector through a
long list of innovations including presumptive taxation for the diamond sector
and free-trade agreements with countries with prohibitive rates of import duty.
He also asked for a speedy resolution of taxation issues
with regard to the special notified zone in Mumbai; separate ITC HS codes for
natural and laboratory grown diamonds; ensuring the availability of duty-free
gold by nominated agencies to small and medium jewelry exporters; implementing
a single window system for all clearances in special economic zones (SEZs);
re-negotiation of US generalized system of preferences benefit for the Indian
jewelry sector.
Earlier this year GJEPC chairman Vipul Shah outlined efforts to promote the Indian gem and jewelry trade
following a Department of Industrial Policy and Promotion workshop in December
2014.
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