Mumbai, Feb. 28
The Budget proposal for setting up an expert committee to consider the recommendations by the gems and jewellery sector will help India transform into an international gem and jewellery trading hub. Commenting on the announcement made by the Finance Minister, Mr P. Chidambaram,
Mr Bakul R. Mehta, Chairman, The Gem and Jewellery Export Promotion Council, said: "This committee is expected to work out details, rationalise taxes and streamline rules within next month or so." The Finance Minister's in-principle agreement to replace income-tax for the industry will boost exports and increase foreign direct investment, he said.
Mr Tehmasp Printer, Managing Director, International Gemological Institute, said: "The Government has shown towards realising India's potential as a gem and jewellery hub. The setting up of an expert body specifically for the development of the industry is a much-needed step in that direction. Our industry will respond very enthusiastically to this.''