Growth Insights from Piyush Goyal's Visit to Bharat Ratnam Mega CFC

Union Minister Piyush Goyal's recent visit to the Bharat Ratnam Mega Common Facility Center (CFC) at SEEPZ underscored pivotal developments in India's gem and jewellery industry
Growth Insights from Piyush Goyal's Visit to Bharat Ratnam Mega CFC

In a resounding affirmation of India's commitment to bolstering its gem and jewellery industry, Union Minister Piyush Goyal recently inaugurated the Bharat Ratnam – Mega Common Facility Center (CFC) at SEEPZ. This state-of-the-art facility, a collaboration between the Gem & Jewellery Export Promotion Council (GJEPC) and SEEPZ, marks a pivotal moment in the sector's evolution, showcasing advanced infrastructure and technological capabilities on par with global standards.

The event, held on June 29th, 2024, was attended by esteemed dignitaries including Shri Dnyaneshwar B. Patil, IAS, Shri C.P.S Chauhan, IRS, and industry leaders like Shri Kirit Bhansali and Shri Colin Shah. Minister Goyal highlighted the CFC's significance in realizing Prime Minister Narendra Modi's vision of an Aatmanirbhar Bharat, emphasizing its role in fostering skilled employment with 200 students already benefitting from its operations.

Addressing the gathering, Minister Goyal expressed optimism about India's export potential despite global challenges, setting a target of USD 800 billion in exports. He underscored ongoing efforts to expedite Free Trade Agreements (FTAs) with various countries, aimed at further boosting exports and enhancing global market access for Indian jewellery.

Vipul Shah, Chairman of GJEPC, acknowledged the transformative impact of recent FTAs, citing substantial growth in exports following agreements such as the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and India-Australia Economic Cooperation and Trade Agreement (ECTA). These agreements have propelled exports of plain gold jewellery by an impressive 107.2% to USD 4,528.66 million in FY 2023-24.

Kirit Bhansali, Vice Chairman of GJEPC, commended Minister Goyal's leadership in spearheading initiatives like the Mega CFC, positioning it as a game-changer set to facilitate achieving the industry's ambitious goal of USD 75 billion in exports. Bhansali also highlighted the upcoming India Jewellery Park in Mumbai, expected to attract investments exceeding Rs. 50,000 crores and generate over 100,000 jobs, further bolstering the sector's growth trajectory.

The event also featured presentations from key stakeholders. Shri Subir Das of ECGC elaborated on recent initiatives to support industry growth, while Shri C.P.S Chauhan detailed SEEPZ's infrastructural projects aimed at enhancing operational efficiency. Dr. Unnat P. Pandit from the India Patent Office shared insights on fostering an innovation-driven economy, highlighting the sector's potential as a global innovation hub.

Under the leadership of GJEPC, efforts to promote Indian jewellery globally remain robust, with initiatives such as organizing India Pavilions at major international trade fairs and facilitating Buyer Seller Meets across key markets. The International Jewellery Exposition Centre (IJEX) in Dubai, inaugurated under Minister Goyal's patronage, has significantly enhanced global visibility for Indian MSMEs in the jewellery sector.

Looking ahead, the 40th edition of the India International Jewellery Show (IIJS) Premiere, scheduled for August 2024, promises to be a landmark event with over 3,600 stalls and 2,100 exhibitors. This premier B2B platform is set to attract a diverse global audience, reaffirming India's stature as a leader in the global jewellery market.

In conclusion, Minister Piyush Goyal's visit to the Bharat Ratnam – Mega CFC serves as a testament to India's commitment to fostering a vibrant gem and jewellery industry. With strategic investments, policy interventions, and international collaborations, the sector is poised for dynamic growth, driving economic prosperity and reaffirming its global competitiveness in the years to come.

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