The commerce ministry is working on a package in consultation with the gems and jewellery industry to boost export and create jobs in this labour intensive sector, Union Minister Suresh Prabhu has said. The ministry has already asked the gems and jewellery industry to work out a proper business plan to promote growth of the sector.
“We have some time left, in another few weeks we have to finalise it as Budget will be in February, so we have to work on that,” Commerce and Industry Minister Prabhu told PTI. The Gems and Jewellery Export Promotion Council (GJEPC) has demanded cut in import duty on gold to 4 per cent from the current 10 per cent. An official of the council said the industry body is preparing recommendations for the sector which would be submitted to the ministry.
“We have asked for cut in gold import duty to 4 per cent. We are hoping that the finance ministry will consider our demand. We also want support for technology upgradation and setting up of gems and jewellery parks in the country and streamlining of labour rules,”the official said.