Centre keen to expand ECGC cover: Goyal

MUMBAI: Union Minister Piyush Goyal on Thursday said the government is keen to expand ECGC cover and asked gems and jewellery industry leaders to form a committee to help exporters in the sector.

“We have started giving ECGC (formerly Export Credit Guarantee Corporation of India) cover for the whole turnover...we are keen to expand, and I ask the captains of the industry to see how we can have an industry-ECGC-government partnership, which will ensure the baggage of the past can be erased.

“If the industry and the government can come together and work together, I am sure we can look at individual policies also for individual exports,” Goyal said, while addressing the inaugural session of the 4-day IIJS (India International Jewellery Show) Signature 2024 Gem and Jewellery Trade Show.

The commerce and industry minister suggested forming a committee consisting of ECGC, the government and GJEPC representatives to develop a certain mechanism that will help the industry to cross the hump and start giving exporters credit cover.

Meanwhile, he said, India has the potential to become the global epicentre of the gem and jewellery industry with a holistic ecosystem encompassing all diverse constituents and elements. “Massive investments are being made to create a world-class infra, including the 20-acre India Jewellery Park in Navi Mumbai and a common facility centre in SEEPZ Mumbai,” he added. Goyal also urged the industry to promote ‘Wed for India’, which will help India become a destination wedding centre and boost the domestic textile, gem and jewellery, tourism and hospitality sectors. The 16th edition of GJEPC’s IIJS Signature is expected to have over 32,000 visitors (including international buyers) from 800 Indian cities and 60 countries and over 1,500 exhibitors occupying 3,000 stalls.

• 16th edition of GJEPC’s IIJS Signature expected to have over 32,000 visitors (including international buyers) from 800 Indian cities and 60 countries and over 1,500 exhibitors occupying 3,000 stalls

• Show alone set to enable staggering Rs 35,000 crore worth of business

• Collective impact of all three IIJS shows total biz generated will amount to an impressive Rs 1.25 lakh crore

• Massive investments being made to create world-class infra, including the 20-acre India Jewellery Park in Navi Mumbai, a common facility centre in SEEPZ Mumbai

• Destination weddings in India next big opportunity for economic value addition

• ‘Wed in India’ biz has grown by 20 per cent current year