Speaking after the meeting, Mr. Bhansali said, & quote; We are pleased that India–U.S. trade discussions have resumed, which is encouraging news. However, the process may take time, and until a resolution is achieved, it is essential to introduce relief measures to help the sector survive and sustain employment. We have requested allowing SEZ units to undertake reverse job work and DTA sales to keep factories and artisans engaged, extending export obligation periods for U.S. shipments, and providing an interest moratorium on packing credit and working capital loans to ease financial stress. These measures will not only help safeguard jobs but also support the competitiveness of Indian exporters during this challenging period. We are grateful to the Hon’ble Finance Minister for giving a patient hearing to our concerns and assuring support.”
During the meeting, Mr. Kirit Bhansali thanked the Finance Minister for the landmark GST reforms that have benefitted the sector.
The Council requested interventions to help the sector survive and sustain employment until the ongoing India–U.S. trade negotiations are concluded. These included measures such as allowing reverse job work and DTA sales by SEZ units, extending export obligation periods for U.S. shipments, providing an interest moratorium on packing credit and working capital loans, and offering liquidity support to exporters.
The delegation also requested that the India Jewellery Park be recognized as an industrial park and included in the Harmonised Master List of Infrastructure, so it can avail all benefits applicable to industrial parks.
The Finance Minister gave a patient hearing to the industry’s requests and assured full support to the sector, emphasizing the government’s commitment to sustain exports, protect jobs, and maintain the competitiveness of Indian gem and jewellery companies during this challenging period.