Budget sops likely for gems and jewellery sector

A major driver of country's exports, the sector is one of 25 focus segments identified by govt for 'Make in India' campaign

The gems and jewellery sector, one of the focus areas of the ambitious Make in India programme, may get incentives in the Union Budget next month.

The sector contributes significantly to growth in the country's overall exports and has been identified by the government as one of the 25 focus segments for 'Make in India' campaign.

Commerce and Industry Minister Nirmala Sitharaman hinted that the sector may get some incentives soon.

The issues related to this sector were widely discussed recently at a 'Make In India' workshop and a presentation was given to Prime Minister Narendra Modi in this regard by Commerce Secretary Rajeev Kher.

A huge export potential exists in the sector and "I expect that some suggestions made in the presentation" may figure in the Budget, Sitharaman said here at the CII's Partnership Summit last evening.

Speaking at the event, Sitharaman also sought domestic and foreign investments in states, while adding that the 'Make In India' campaign mainly focuses on states.

"Emerging economies' strengths lie in the states. We need to identify the steps taken at the state level and also to ensure that action on 'Make in India' is not restricted only to Delhi. 'Make in India' should happen in the states. In Rajasthan, we have identified the intrinsic strength of the state and we are focussing on that," Sitharaman said.

As many as 51 countries, their trade and economic ministers and multilateral bodies like the World Intellectual Property Organization (WIPO) and the World Trade Organization (WTO) are participating in the two-day function that began yesterday.

Sitharaman also said 'Rajasthani' diaspora should act as brand ambassadors abroad for state government's investment proposals in certain key sectors where the state has maximum potential.

"Prime Minister wants representatives from the states to be at the consulates and embassies abroad to take forward their individual interests in the countries where they are based at so that investments can come directly to the state," she added.

"Make In India aims to address India's ease of doing business rankings and improve it by boosting manufacturing and synergising exports," she said.