Govt to provide all support to gems and jewellery sector: Nirmala Sitharaman

She was speaking at the 37th 'Festival of Gold' being organised by state-run trading firm MMTC.

By: PTI | New Delhi | Published:October 20, 2016 1:58 pm
New Delhi: Union Commerce & Industry Minister Nirmala Sitharaman receiving a memento from Chairman and Managing Director of MMTC, Ved Prakash at the inauguration of MMTC 'Festival of Gold' in New Delhi on Thursday.PTI Photo by Atul Yadav(PTI10_20_2016_000019A) New Delhi: Union Commerce & Industry Minister Nirmala Sitharaman receiving a memento from Chairman and Managing Director of MMTC, Ved Prakash at the inauguration of MMTC ‘Festival of Gold’ in New Delhi on Thursday.PTI Photo

The government will extend full support to the gems and jewellery exports as it is recording healthy growth at a time when outbound shipments are facing challenges, Commerce and Industry Minister Nirmala Sitharaman said on Thursday.

India has made a big difference in gems and jewellery trade at a time when “exports are facing many challenges but this sector has stood the headwinds, and therefore we need to give all support to the sector,” she said here.

She was speaking at the 37th ‘Festival of Gold’ being organised by state-run trading firm MMTC.

In September, gems and jewellery exports grew by 22.42 per cent year-on-year to $ 4.46 billion.

Since December 2014, exports fell for the straight 18 months till May 2016 due to weak global demand and slide in oil prices. Shipments witnessed growth only in June this year and again entered into negative zone in July and August.

However, it turned positive in September.

The minister also asked the MMTC to organise roadshows all over the country to popularise gold coins.

When asked about the media reports of information leak of millions of ATM cards, she said: “On this, I will talk to the revenue (department)”.

There is also a need to discuss the matter with the finance ministry about its implication, she said, adding breach of data confidentiality is a security subject.