#TechnologyUpgradationFund

[hybiz12]

Gem & Jewellery Export Promotion Council (GJEPC) seeks special assistance For Gems & Jewellery Small Scale Exporters from MSME Ministry. The GJEPC made a representation on the key focus areas pertaining to Gems & Jewellery to the Micro, Small and Medium Enterprises (MSMEs) sector to Shri. Nitin Gadkari, Minister of MSME, Government of India. Through a virtual meet, Colin Shah, GJEPC Chairman and Vipul Shah, Vice Chairman, briefed Shri. Gadkari about the various initiatives proposed and planned by the Council to boost the MSME Exporters from the sector. India is the 5th largest exporter of gem and jewellery in the world with exports accounting for $36.73 billion. It is a labour-intensive industry, employing 37.3 lakh. By facilitating the infrastructure and policy reforms, the industry has the potential to grow its exports to around $70 billion. Colin Shah, Chairman GJEPC said, “Almost 85% (5,931) of the Council members fall under the MSME category, and most of them are involved in the manufacture of handmade gold jewellery, cutting and polishing of diamonds, precious and semi-precious stones and imitation jewellery. The Gems & Jewellery industry is highly labour-intensive and export-oriented, a comprehensive financial package of Rs. 900 Cr has been proposed to Shri Nitin Gadkari. GJEPC has plans to set up a Model Manufacturing Workshop and is focusing on up-gradation of Skill Development Programmes. Introduction of Technology Upgradation Fund (TUF) will benefit the MSME sector by enabling clusters to infuse advanced technology, which, in turn, would augment productivity, reduce costs, improve quality and spur innovation. This will also make MSMEs ready for global competition. The Council also discussed the challenges faced by the MSMEs to get finance and the need for Brand Promotion, showcasing India as one-stop-shop for quality diamonds, gems and jewellery globally. A holistic approach for developing the MSMEs in the sector would help the sector move to the next level of growth.” Colin Shah, Chairman informed the Minister that the MSMEs would benefit through its multiple initiatives comprising Infrastructure Development Projects such as the Mumbai Jewellery Park and Gem Bourse in Jaipur, which would give karigars better working conditions and state-of-the-art facilities. Common Facility Centres have been already set up in four clusters in Gujarat and are running successfully. Some more CFCs are in the process of being established in Coimbatore, Kolkata, Delhi, Rajkot, Jaipur and Hyderabad in the near future. With regard to the challenges in financing faced by the sector, Shri. Gadkari said that under CGTME Rs.1 lakh crore grant is available, and it is a collateral-free loan. This will resolve many problems of the MSME sector. The Ministry is in the process of launching the SME Platform of National Stock Exchange for small- and medium-sized companies with high growth potential. The SME platform of the Exchange shall be open for SMEs whose post issue paid-up capital shall be less than or equal to Rs.25 crore. The Social Banking Finance Institute has been developed by the Ministry to provide small loans to the karigars so that they can buy machines and manufacture or produce from their homes to earn a living. The GJEPC has been the voice of the sector for resolving the challenges related to financing, policy, etc. So far, the Council has conducted 155 seminars or workshops for MSMEs across 11 states and 34 cities.

#GJEPC #MSME #TechnologyUpgradationFund

[businesswireindia]

Mr Santosh Kumar Gangwar, Union Textiles Minister stated that restructuring of the Technology Upgradation Fund (TUF) Scheme is under active consideration of the government. So TUFS will be re - launched very soon.