Mains Paper 3: Economy | Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth
From UPSC perspective, the following things are important:
Prelims level: National Committee for Gems and Jewellery
Mains level: The importance of gems and jewellery industry in India’s external trade
National Committee for Gems and Jewellery
- An Ad-hoc National Committee for Gems and Jewellery consisting 14 Members representing various associations of Gems and Jewellery Sector has been constituted.
- It is set to draft Memorandum and Article of Association and other Rules/Bye-laws of the Domestic Council.
- The Government is supporting the process of setting up of Domestic Council for Gems and Jewellery, to encourage and boost domestic gems and jewellery sector.
- It is envisaged that the domestic industry would be benefited from such a representative body which would be the forum for highlighting the issues and concerns of the industry that require redressal through policy measures.
Promoting Gems and Jewellery industries
Further, with a view to strengthen the National Committee for Gems and Jewellery in the country, the Government has taken a number of steps such as:
- Establishment of Special Notified Zone (SNZ);
- Setting up of Common Facility Centres for gem and jewellery sector;
- Announcement of separate ITC HS Code for lab-grown diamonds;
- Providing financial assistance for participation in international fairs,
- Organizing buyer-seller meets,
- Creation of export related infrastructure, etc.
Gems and Jewellery industries in India
- India is one of the largest exporters of Gems and Jewellery.
- The industry plays a vital role in the Indian economy for its role as a major contributor to the total foreign exchange reserves of the country.
- The overall net exports of Gems and Jewellery includes -cut and polished diamonds, gold jewellery and silver jewellery, gold coins and medallions.
- US, Hong Kong and UAE are the major exporters, who accounted for 75% of the total gems and jewellery exports from India during 2016-17.
- Other big importers of Indian jewellery include Russia, Singapore, Latin America and China.