GJEPC seeks Rs 900cr package from Centre

The Gem and Jewellery Export Promotion Council (GJEPC) on Friday said it has sought a comprehensive package of Rs 900 crore from the Centre as the sector has been severely hit by the coronavirus pandemic, an official said Friday. A comprehensive financial package of Rs 900 crore has been proposed to Union Minister Nitin Gadkari in a virtual meeting," GJEPC chairman Colin Shah said.

The Gem and Jewellery Export Promotion Council (GJEPC) on Friday said it has sought a comprehensive package of Rs 900 crore from the Centre as the sector has been severely hit by the coronavirus pandemic, an official said Friday. The industry body said the package is required to double jewellery export and also for development of the labour-intensive sector.

"The gems and jewellery industry is highly labour- intensive and export-oriented. A comprehensive financial package of Rs 900 crore has been proposed to Union Minister Nitin Gadkari in a virtual meeting," GJEPC chairman Colin Shah said. During the meeting, the minister informed members of the GJEPC that Rs 1 lakh crore assistance is available under the credit guarantee scheme and it is a collateral-free loan, Shah said.

According to him, Gadkari hoped that it will solve many problems of the micro, small and medium enterprises. GJEPC said it has a plan to set up a model manufacturing workshop and is focusing on upgradation of skill development programmes.

"The introduction of Technology Upgradation Fund (TUF) will benefit the MSME sector by enabling clusters to bring advanced technology, which, in turn, will augment productivity, reduce costs, improve quality and spur innovation. This will also make MSMEs ready for global competition," Shah said. Some common facility centres are running successfully, he said, adding that more such units will be set up in Coimbatore, Kolkata, Delhi, Rajkot, Jaipur and Hyderabad in near future.

By facilitating the infrastructure and policy reforms, the industry has the potential to grow its exports to around USD 70 billion, the trade body said..

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