GJEPC welcomes Union Budget for Fiscal Year 24

The Gems and Jewelery Export Promotion Council has welcomed the Union Government’s budget for fiscal year 2024. Describing the new Union Budget as “pro-reform and export-oriented”, GJEPC thank the government for implementing some of its suggestions.

“GJEPC thanks the government for accepting their recommendation to promote indigenous production in the emerging Lab-grown Diamonds sector by providing a 5-year Research Grant to the IIT,” GJEPC said in a statement. reported in a statement on its website. “GJEPC welcomes the reduction of Customs Tax for LGD county from 5%. It will secure India’s end-to-end world leadership in the production of lab-grown diamonds and jewelry from rough to finished. In addition, the government has also adopted a clearly distinguishing Customs (IT HS) code for platinum and silver lab-made jewelry for better differentiation and identification at the human level. consumption.”

The Union Budget has been announced by Finance Minister Nirmala Sitharaman under the leadership of Prime Minister Narendra Modi. The budget is aimed at increasing both the ease of doing business and the ease of life in India as well as increasing Indian exports in the sectors.

“Another positive move that drives growth is that the conversion of physical gold into digital gold will not collect capital gains tax,” GJEPC stated. “The Rs 13.7 lakh investment in government infrastructure is a huge positive step for the country. This will unleash the potential of the Indian economy.”