GJEPC seeks Rs 900cr package from Centre

    Kolkata, Aug 7 (PTI) The Gem and Jewellery Export
Promotion Council (GJEPC) on Friday said it has sought a
comprehensive package of Rs 900 crore from the Centre as the
sector has been severely hit by the coronavirus pandemic, an
official said Friday.
    The industry body said the package is required to
double jewellery export and also for development of the
labour-intensive sector.
    "The gems and jewellery industry is highly labour-
intensive and export-oriented. A comprehensive financial
package of Rs 900 crore has been proposed to Union Minister
Nitin Gadkari in a virtual meeting," GJEPC chairman Colin Shah
    During the meeting, the minister informed members of
the GJEPC that Rs 1 lakh crore assistance is available under
the credit guarantee scheme and it is a collateral-free loan,
Shah said.
    According to him, Gadkari hoped that it will solve
many problems of the micro, small and medium enterprises.
    GJEPC said it has a plan to set up a model
manufacturing workshop and is focusing on upgradation of skill
development programmes.
    "The introduction of Technology Upgradation Fund (TUF)
will benefit the MSME sector by enabling clusters to bring
advanced technology, which, in turn, will augment
productivity, reduce costs, improve quality and spur
innovation. This will also make MSMEs ready for global
competition," Shah said.
    Some common facility centres are running successfully,
he said, adding that more such units will be set up in
Coimbatore, Kolkata, Delhi, Rajkot, Jaipur and Hyderabad in
near future.
    By facilitating the infrastructure and policy reforms,
the industry has the potential to grow its exports to around
USD 70 billion, the trade body said. PTI BSM

(This story has not been edited by THE WEEK and is auto-generated from PTI)