IBEF: January 31, 2020
In the next five years, the Government of India is targeting at US$ 80 billion of jewellery exports from the present level of US$ 40 billion, as per the statement by a senior official.
The jeweller industry is expected to generate additional employment of 2 million, said Ms Rupa Dutta, Economic Advisor, Ministry of Commerce.
At present, sector provides employment to around five million people.
She added, "Jewellery exports is targeted to touch US$ 80 billion in the next five years. In the 2018-19 fiscal, the country exported US$ 40 billion worth of jewellery".
Ms Dutta said that this fiscal year, jewellery exports growth witnessed a decline due to the global slowdown.
"We hope to maintain the level of exports at US$ 40 billion in 2019-20, if not more," she said, speaking at the ground-breaking ceremony of eastern India's first Common Facility Centre (CFC) here.
According to Ms Dutta, CFCs for jewellery trade was envisaged in the 12th Five Year Plan, and this will be the sixth one in the country after Gujarat and Coimbatore.
This centre will provide opportunity for artisans to access modern machines for designing and testing them, the official said.
Ms Dutta said that the entire funding of the CFC, located at the Bowbazar cluster in the city, will be done by the commerce ministry along with a local trade body that will help in operations of the centre.
This CFC is expected to be operational by February.
Chairman of Gem & Jewellery Export Promotion Council (GJEPC), Mr Pramod Agrawal, said it has sanctioned an amount of Rs 5 crore (US$ 0.72 million) for promotion of Indian jewellery in overseas markets.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.