The gems and jewellery sector is one of the major sectors contributing to the economy of Gujarat.
One fraud in the gems and jewellery sector has affected the disbursement of loans to the sector, which should not happen, Union Commerce and Industries Minister Suresh Prabhu said on Saturday in Ahmedabad during the inauguration of office of Federation of Indian Exporters Organization (FIEO) in the city. He said the government is working with stakeholders to ensure that credit to exporters in the sector revives.
"We've seen a huge dip in bank credit to exporters. And to resolve that, we have got a meeting fixed next week itself. We've called the banking secretary, financial services secretary and everybody else to come, and we are going to ensure that it happens," he told exporters, referring to Nirav Modi scam, which saw state-run PNB being defrauded to the tune of around Rs 14,000 crore.
The gems and jewellery sector is one of the major sectors contributing to the economy of Gujarat.
The minister also said that to resolve the issue of inadequate finance and to ensure that credit flow increases. A meeting will soon take place between banks and government officials.
He also said the issue of non-payment or delay in GST refunds that exporters have been facing is also addressed "to some extent," after his ministry raised it with the finance ministry recently.
Gujarat Chapter of FIEO has about 4,500 members. Ganesh Kumar Gupta, president of FIEO said that Gujarat has a major role in country's exports. Pharmaceutical, auto parts, commodities, petroleum as well as gems and jewellery are the major sectors in Gujarat with significant exports.
"Exports from Gujarat are on a rise and in next three year, we expect that the membership crosses 10,000 mark in Gujarat. We have conducted a study on ways to increase Gujarat's share in country's export from 25 per cent to 33 per cent. We are exploring more geographies and other goods and services that can be exported from Gujarat," said Gupta.
Prabhu said that the new industrial policy is almost finalized with Cabinet nod likely soon. A new industrial policy envisages India becoming a USD 5-trillion economy.
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