India's Gem and Jewellery Sector Aims for Global Dominance by 2047
India's Gem and Jewellery sector is poised for significant growth, aiming to surpass $100 billion in exports by 2047. Key reforms, including modernization of the Customs Act and policy enhancements, are proposed to boost global competitiveness. The sector significantly contributes to India's economy and employment.
- Country:
- India
In a bid to enhance its global competitive edge, India's Gem and Jewellery sector is on a trajectory to exceed $100 billion in exports and solidify a $500 billion domestic market by 2047, emphasized Kirit Bhansali, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC).
At a significant meeting chaired by Prime Minister Narendra Modi, Bhansali described India's ambitious growth potential. The gathering included industry leaders from various sectors driving India's merchandise exports. He proposed critical policy reforms and modernization of the Customs Act to improve business ease and boost export growth.
Bhansali also highlighted the need for affordable credit for export businesses, especially benefiting MSMEs. The meeting underscored the formulation of a National Gem and Jewellery Park Policy and called for a White Paper to be developed by NITI Aayog. Simplifying export-import procedures is seen as crucial to making India a global trading hub.
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