At a high-level, closed-door meeting chaired by Hon\u2019ble Prime Minister Shri Narendra Modi in New Delhi on 3rd November 2025, Mr. Kirit Bhansali, Chairman, GJEPC, joined a select group of industry leaders representing key export sectors that drive India\u2019s merchandise trade. Speaking on behalf of the gems and jewellery sector \u2014 a $30 billion export powerhouse contributing 7% to India\u2019s total merchandise exports \u2014 Bhansali outlined an ambitious roadmap to transform India into the world\u2019s leading gem and jewellery hub by 2047.<\/p>\n
In his address, Bhansali thanked the Prime Minister for his visionary leadership in forging landmark trade agreements, including the India-UAE CEPA, which has propelled plain gold jewellery exports by an impressive 47.4% annually between FY2023 and FY2025. He also commended the progress of FTAs with the UK, Australia, and EFTA nations, expressing optimism that the forthcoming US BTA and India\u2013EU FTA would further strengthen India\u2019s global trade leadership.<\/p>\n
Bhansali remarked, \u201cIt was an honour to join the select industry meet chaired by Hon\u2019ble Prime Minister Shri Narendra Modi. Under his visionary leadership, India\u2019s gem and jewellery sector has achieved remarkable growth and ease of doing business. With his continued guidance, we are confident of surpassing US$100 billion in exports and building a US$500 billion domestic market by 2047, making India the global hub for gems and jewellery.\u201d<\/p>\n
Bhansali presented a series of strategic policy reforms designed to boost competitiveness, attract investment, and improve operational efficiency across the sector:<\/p>\n
Drawing parallels with India\u2019s recent criminal code reforms and the success of faceless income tax assessments, Bhansali called for a similar transformation of the Customs Act through the introduction of a Risk Management System and AI-based Digital Appraisals. These upgrades would make customs operations faster, more transparent, and cost-efficient \u2014 critical steps toward improving ease of doing business.<\/p>\n
Highlighting that exporters in competing economies enjoy significantly lower interest rates, Bhansali urged the Government to introduce a concessional export credit scheme, particularly for MSMEs. Extending interest subvention and ECGC premium subsidies, he noted, would make Indian exporters more competitive and expand the nation\u2019s share in global trade.<\/p>\n
With nearly 65% of India\u2019s studded jewellery exports coming from SEZs, Bhansali appealed for the swift passage of the SEZ Act amendment to allow limited domestic sales with fair duty adjustments. This reform, he explained, would optimise idle capacity during off-seasons, ensuring greater productivity and job stability.<\/p>\n
To strengthen domestic manufacturing and attract global investment, Bhansali proposed a National Gem & Jewellery Park Policy, similar to those implemented in the textile and leather industries.<\/p>\n
He further suggested that a comprehensive White Paper on the Gems & Jewellery Sector be prepared, drawing on inputs recently shared by GJEPC with NITI Aayog and findings from a recent Exim Bank report.<\/p>\n
Concluding his remarks, Bhansali emphasised that India\u2019s future growth depends on evolving into a true trading economy \u2014 one that builds on its natural strengths, leverages strategic trade agreements, and embraces policy modernisation to unlock its full export potential.<\/p>\n","protected":false},"excerpt":{"rendered":"
At a high-level, closed-door meeting chaired by Hon\u2019ble Prime Minister Shri Narendra Modi in New Delhi on 3rd November 2025, Mr. Kirit Bhansali, Chairman, GJEPC, joined a select group of industry leaders representing key export sectors that drive India\u2019s merchandise trade. Speaking on behalf of the gems and jewellery sector \u2014 a $30 billion export…<\/p>\n","protected":false},"author":1,"featured_media":33899,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-33898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n