GJEPC sets G&J export target of $44 billion to back PM Modi’s vision of $400 billion export of Indian export sector in 2021-22.

Surat :  The Gems and Jewellery Export Promotion Council (GJEPC) has set up an ambitious target of raising the export figures of the gems and jewellery to $44 billion in 2021-22, which is $7 billion higher than the total export of $37.4 billion achieved in 2019-20.

In a virtual meeting organised by Prime Minister Narendra Modi with the heads of the export promotion councils (EPCs) on Friday, gems and jewellery sector was considered as one of the four core sectors contributing to 60% of India’s merchandise export. The Central Government is focusing on leveraging and expanding India’s merchandise exports to $400 billion in 2021-22.

The GJEPC, government, trade and regulatory authorities will be working together to formulate a common approach under the 3 pillars of ‘Make in India’, ‘Cluster Development’ and ‘Atmanirbhar Bharat’.

With the view to achieve the desired export targets in 201-22, the GJEPC has appealed the government to bring policy reforms to make the sector globally competitive. The council demanded ease of doing business, adequate financial support through banks, rationalisation of taxation and SEZ polices to make this sector a hub for FDI and manufacturing outsourcing by the world.

Colin Shah, chairman of GJEPC said, “PM’s address to the export sector has come at a right time. After the pandemic, there was a need to boost the morale and confidence of the export sectors. The PM has set the target of achieving $400 billion merchandise exports in 2021-22 and I am sure the gems and jewellery sector will work to play a positive role”

Shah added, “There is increasing recovery firming up in several export destinations including the US and Europe. The industry will come together and contribute to fulfil the global demand. The plan is to build the skill and technology infrastructure, frame policies and promote the gems and jewellery industry. Another key parameter will be to ease doing business in SEZ’s especially for large projects”