Manoj Dwivedi, joint sec­re­tary, union min­istry of com­merce

Solitaire - - DIAMOND FINANCE -

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.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.