2nd Annual Banking Summit Held by GJEPC

GJEPC_LogoVimalMumbai: India’s Gem & Jewellery Export Promotion Council (GJEPC) organized second annual Diamond, Gem & Jewellery Banking Summit-2014 on Saturday, 28th June 2014 in Mumbai.

At the end of the Summit, a Work-Group was formed consisting representatives of India’s diamond sector, Banks and Export Credit Guarantee Corporation (ECGC) to suggest solutions to improve cordial relations among them.

Delivering the inaugural speech, Chairman of the GJEPC Mr. Vipul Shah said, “We have urged the finance ministry to either increase the capital base of the ECGC or ask insurance regulator Insurance Regulatory and Development Authority (IRDA) to allow domestic insurers to open up to the sector, which could allow domestic banks to take international credit guarantee institutions coverage. Over the last few years, manufacturers and traders have expanded their global footprint and today a large portion of their revenues are derived from the global as well as domestic markets, hence the need for enlarging the insurance coverage.”

Financial Services Secretary Dr. G S Sandhu said, “The basic theme of the new government is to have a high growth rate. All the departments and all ministries are working on one single theme, which is to bring high growth rate in the economy.”

Mr Sandhu, however, added that only a few important things will be covered in the maiden budget to be presented by Finance Minister Arun Jaitley on July 10.

He said the budget is not a one-time exercise and more decisions will be taken after the budget as well.

Issues of all the important sectors including power, mining, coal, diamond and jewellery and shipping are being examined, he said.

“Meetings are being held on all sectors, so let’s see how much can be done now and how much is left for subsequent time.”

When asked if some stimulus measures to revive growth can be expected, he said, “We are discussing and there might be some relaxation and some tightening as well.”

The who’s who of Banking, Gem & Jewellery Trade and Ministry of Finance officials were present on one platform to discuss the issues like-Aspects and Present Issues on Financing for the Gem & Jewellery Sector, The Current Scenario of ECIB and Credit Guarantee in Gem & Jewellery industry and other burgeoning issues faced by the industry.

Present among them at the Summit were Shri S.S. Mundra, Chairman, Bank of Baroda, Smt. Arundhati Bhattacharya, Chairman, SBI, Dr. Gurdial Singh Sandhu, Secretary, Financial Service, Ministry of Finance etc.