Indian Minister Calls For $20 Billion Exports By ‘07
June 27, 04
Indian Commerce and Industry Minister Kamal Nath has called on gems and jewelry exporters to come up with a timetable for increasing exports, saying it is possible to achieve exports of $20 billion by 2007 – well beyond the industry’s $16 billion target for 2007.
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Gems and jewelry exports in fiscal 2003-2004 were $12 billion.
Talking with industry chiefs ahead of the new government’s first budget to be presented this week, Nath said he welcomed the Gem & Jewellery Export Promotion Council’s (GJEPC) plans to transform India from the world's largest diamond manufacturing center to its largest trading center.
The GJEPC believes 500,000 extra jobs can be created in the gems and jewelry sectors by the year 2007 to add to the 1 million workers currently employed by the sectors.
Special economic zones are also being developed for the gems and jewelry trades under GJEPC plans.
Nath said the government planned to publish policy measures in support of the industries in the coming months.