New Delhi: India’s Finance Minister (FM) Ms. Nirmala Sitharaman yesterday presented Union Budget 2024 in Parliament. This is an interim budget as it came just ahead of the General Elections. No changes were announced in the tax slabs in both old and new regime.

This was Nirmala Sitharaman’s sixth Union Budget. The full-fledged budget will be presented by the new government that comes to power after the elections. The interim budget – a short-term financial plan – seeks Parliament nod for a grant in advance to meet the government’s essential expenditure for the first four months of the new financial year. 

Gem & Jewellery Export Promotion Council (GJEPC) Chairman Mr. Vipul Shah welcomed the budget saying, “It will make our country Viksit Bharat by FY2047. Exporters will agree with Hon. FM that globalization is being redefined and a new world order is emerging after the pandemic. For gem & jewellery exporters, the recently announced India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and others. Just as the CEPA trade agreement has increased jewellery exports to the Middle East, we welcome bilateral trade agreements with European countries and others to boost gem & jewellery exports. We welcome FM coining real G.D.P. growth as well as her emphasis on Governance, Development & Performance. Before FM presents the full budget and detailed roadmap for the pursuit of ‘Viksit Bharat’ in July, Council seeks inclusion of gem & jewellery artisans and craftsmen in the PM-Vishwakarma Yojana provides end-to-end support scheme.  Of the increase outlay of Rs. 11.11 lakh crore announced by the FM, we seek allocation towards modern infrastructure such as Jewellery Parks for boosting gem & jewellery exports from India. As 80%+ of gem & jewellery industry are MSMEs, we urge FM to include Government schemes for Gems and Jewellery that will help the sector compete globally,  including the skilling and training for MSMEs.  We eagerly await FM’s detailed strategy for Amrit Kal and an economic export policy with Sustainable Reform, Perform and Transform earning Sabka Vishwas for the next 5 years of unprecedented development.”

Union Budget 2024-25: GJEPC’s Recommendations To the Government To Propel Gem & Jewellery Exports:

1.  Safe harbour rule for sale of rough diamonds in Special Notified Zones (SNZs)

2.  Introduction of Diamond Imprest License and reduction in import duty CPD to 2.5%

3.  Reduction in import duty on gold/silver/platinum bars to 4%

4. Introduction of a mechanism like “Rates & Taxes Refund” through EDI system similar to GST refund