associate sponsors

Llyod
HDFC

Govt may announce incentives for gems and jewellery in Budget

New Delhi: The government is expected to announce steps like cut in the gold import duty and incentives to set up gems and jewellery parks in the next Budget to promote growth of the industry.

Representational image. AP

Representational image. AP

The commerce and industry ministry has discussed and suggested its finance counterpart several steps for the sector such as "cut in gold import duty, a gold policy and support for setting up of jewellery parks," sources said.

The industry has demanded cut in the import duty from the current 10 percent to 2 percent. It has time and again stated that reduction in the taxes would help check shift of business to neighbouring countries and smuggling.

The demands for setting up of jewellery park was in line with the Information Technology parks.

These parks get support in terms of easy labour policy, single window clearance of projects besides fiscal and non- fiscal support.

The sector assumes significance as it is a labour intensive area. The gems and jewellery sector contribute around 6-7 percent of the country's GDP. It also
significantly contributes to the country's foreign exchange earnings. It gives employment to over three million people.

To curb grey market and boost the organised players, the Gem and Jewellery Export Promotion Council (GJEPC) is expecting that the government may reduce the import duty on gold to around 5 per cent in the Budget.

According to reports, demonetisation would have impact on the gems and jewellery sector.

For full coverage of Union Budget 2017 click here.


Updated Date: Jan 24, 2017 12:51 PM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See



{if $hideJSforEU != 'yes'} {/if}