Jewelry exporters press Modi for trade overhaul
India’s jewelry trade association has urged federal authorities to modernize import regulations, provide subsidized financing for exporters, accelerate legislative changes for special economic zones, and create a national framework for manufacturing hubs. Kirit Bhansali, who leads the Gem and Jewellery Export Promotion Council, delivered these proposals during a gathering with Prime Minister Narendra Modi that brought together representatives from export industries.
Bhansali emphasized that India must develop streamlined commercial conditions to compete against Belgium, London, the United States, and the United Arab Emirates. The organization wants updates to 1962 customs legislation through risk assessment systems and artificial intelligence tools for digital evaluations, which would speed processing times while reducing expenses. The council requested preferential lending rates for small and medium enterprises, arguing that banking sector improvements position the country to extend interest relief and insurance subsidies that strengthen price competitiveness.
Additional recommendations called for the passage of pending legislation allowing special economic zone businesses to sell limited quantities domestically with appropriate tax adjustments. The group proposed establishing a comprehensive policy for gem and jewelry industrial parks to build manufacturing capacity and draw international capital into the sector supply chain.
