Gems &Jewellery sector contributes around 7% to GDP; employs 50 lakh people: MoS Anupriya Patel

Gems &Jewellery sector contributes around 7% to GDP; employs 50 lakh people: MoS Anupriya Patel

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Minister of State for Commerce and Industry Anupriya Patel has said that the Gems and Jewellery sector contributes around seven per cent to GDP and employs 50 lakh people.

 

She was speaking at a function to mark the 37th Edition of India International Jewellery Show Premier 2021.

 

She said, the sector has been one of the worst-hit sectors in the counrty during the Covid-19 pandemic as its exports saw a record 98 per cent decline in April 2020 due to the complete lockdown situation in the country.

 

Mrs Patel said, the Gems and Jewellery export promotion council has undertaken prompt measures.

 

As a result, the sector has shown a swift recovery and witnessed a positive growth of around 15 per cent in the fourth  quarter.

 

The Minister said, the revamped Gold Monetisation Scheme and reduction in import duty of gold will help the industry to grow to the next level.

 

She also said, the reforms will help the industry to achieve export target of 43.75 billion US dollar this year and gems and jewellery exports to 75 billion dollars in coming years.