Gems, jewellery ind for lower lending rates, import duty cuts

The gem and jewellery industry has sought enhanced dollar liquidity, lower lending rates, a 2-year tax holiday and turnover tax and import duty reductions as part of budgetary relief, a top industry official said.     

In discussions with the Finance Minister, Pranab Mukherjee, representatives from various export sectors put forth their issues, problems and expectations from the forthcoming budget.     

The industry has presented a plan to the Finance Minister that would not just help the industry sustain its leadership position but also enable it to grow, Gems and Jewellery Export Promotion Council (GJEPC) Chairman, Vasant Mehta, told reporters here today.     

GJEPC is an all-India apex body for gem and jewellery industry representing 5,500 members.     

The challenges faced by the industry include the threat from the growing influence of a highly-competitive China, a world-wide fall in demand, increasing unemployment of India's highly-skilled and world-class workforce and volatility in gold prices, Mehta said.