Manoj Dwivedi, joint secretary, union ministry of commerce
India’s gem and jewellery sector ranks very highly in terms of priority for the Indian government as it generates exports, foreign exchange and employment for over 4.5 million people overall and 1 million in the diamond business. Over 60% of the $40 billion exports in gems and jewellery in 2014-15 came only from diamonds. Export infrastructure has to be augmented and union finance minister has announced that a new and restructured central scheme, namely, Trade Infrastructure for Export Scheme (TIES) will be launched in 2017-18. The banking sector has to create customised solutions for the gem and jewellery business in terms of standardised structures, new credit rating parameters, a modified, modern and relevant version of ECGC, guidelines for minimising risk and stimulating growth amongst MSMEs. NPAs amongst MSMEs are generally low and banks have to offer sops to the MSME sector. GJEPC has taken several initiatives and the MyKYC Bank is an important step leveraging the power technology to empower the trade.