Reforms in gems and jewellery industry would help propel its growth rate helping it achieve $43.75 billion exports target for this fiscal year, Union Minister Anupriya Patel said on Wednesday.
The Minister of State for Commerce and Industry expressed hope that measures such as revamped gold monetisation, reduction in import duty of gold and hallmarking "would not only help the industry to transform but will take the exports on a steep upward trajectory."
"On the policy front, the government has introduced a number of reforms, such as the revamped Gold Monetisation Scheme, reduction in import duty of gold, hallmarking, etc. which would help the industry to grow to the next level," Patel said.
Gems and jewellery sector contributes around 7% to India's GDP and 10-12% to the country's total merchandise exports.
Patel added that the gems and jewellery exports stood at $9.2 billion in the first quarter of 2021-22.
She further noted that the reforms would help the industry achieve an export target of $43.75 billion this year as well as achieve the goal of GJEPC (gems and jewellery export promotion council) to take gems and jewellery exports to $75 billion in coming years.
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