The Government is working out a slew of measures to boost exports from Special Economic Zones, said Anand Sharma, Union Minister for Commerce and Industry, on Monday.
Speaking at the inauguration of the India International Jewellery Show organised by the Gems and Jewellery Exports Promotion Council in Mumbai, he said exports from SEZ increased by just 15 per cent to Rs 3,64,478 crore, the lowest growth in the last five years.
The gems and jewellery sector has assumed a significant role since it is the single largest merchandise item of export, registering exports worth $42 billion.
“Access to cheap credit at interest rates comparable to those prevalent in competitive international markets has also engaged my attention especially in the wake of a slowdown in the economy,” he said.
Sharma said he had written to the Finance Minister for reconsideration on the withdrawal of Minimum Alternate Tax and Dividend Distribution Tax. However, he said, the issue on differential tax would be solved once the tax reforms are implemented.
The Government, in association with trade body, is also planning to help enhance the skill level of the workers. Two training centres for the gem and jewellery industry are being set up at Domjur in West Bengal and Khambat in Gujarat.
On sourcing of key raw material, Sharma said collaboration with the Antwerp World Diamond Centre has been sought to strengthen skills in diamond and gem stones grading, certification, research and development, cutting and polishing.
“We are supportive of the African producers in their quest for beneficiation with their diamond resources, while simultaneously encouraging them to do direct business with India,” Sharma added.
India would set up an India-Africa Diamond Institute in Botswana, with Indian assistance of $2.7 million, he said.