By TIOL News Service

NEW DELHI, JULY 24, 2016: PRIME Minister Narendra Modi yesterday urged the Gems & Jewellery Sector to look beyond the domestic market and expand the business at gloabl level.

Speaking at a felicitation function organized for the Prime Minister, by the All India Gems and Jewellery Trade Federation, the PM called for innovation and skill development to achieve this objective. He noted that there is an increasing global demand for handmade jewellery.

Recalling recent issues related to excise duty, the Prime Minister said these issues gave an opportunity for the Gems and Jewellery industry to better understand the working of the Government, and it also gave the Government an opportunity to better understand the intricacies of the sector. He said both have won over each other.

The Prime Minister called upon all those with undisclosed income, to declare it before the September 30th deadline.

Meanwhile, the gems & jewellery industry has represented to the Govt for immediately reduction in import duty from 10% to 5% to halt the shift in business to the neighbouring countries, having lower import tariff. PM was also urged to set up a separate Ministry for this sector, a jewellery park and a jewellery university.

Industry representatives also asked for a level-playing field and a reduction in the number of approvals required to set up units in places like Mumbai.