Budget 2017: Jewellers laud focus on digitalisation and anticipate it to drive consumption
Budget 2017 | By: Mansi
Jewellers through-out the country praised the Union Budget today, saying the focus on digitalization is going to give the required boost to the sector post-demonetization and drive consumption.
PNG Jewellers Chairman and Managing Director and India Bullion and Jewellers Association (IBJA) Saurabh Gadgil told TOI "Focus on farmers, infrastructure and digital economy will create transparency and will have an overall positive sentiment in the market." He also applauded Government announcement on establishing gold spot exchange as a positive move and will lead to better price discovery of Gold. "This move will help in our country's participation in determining gold price in the international markets. Overall, this is a positive Budget. Moreover, we go with no news is positive news thinking," he added.
GJEPC Chairman Praveenshankar Pandya, also shared the same views and said the Government's proposal to extend Pradhan Mantri Kaushal Kendras to more than 600 districts across the country, from the 60 districts at present, will help in creating skills for the gems and jewellery sector as well."We welcome the move as the focus to improve on the quality and the market relevance of vocational training will also benefit our industry," he added. Besides, the proposal of reducing income tax for smaller companies with annual turnover up to Rs 50 crore to 25 per cent will encourage medium to small jewellery exporters and manufacturers, he said.
All India Gems and Jewellery Trade Federation (GJF) Chairman Nitin Khandelwal expressed, no new tax proposals is a positive move for the sector.
To summarize the overall Budget:
It focuses on digital economy, which will create transparency and consequently have an overall positive sentiment in the market.
Availability of gold spot exchange will lead to better price discovery of Gold.
Pradhan Mantri Kaushal Kendras to extend to more than 600 districts across the country will help in creating skills for the gems and jewellery sector.
Reduced income tax for smaller companies with annual turnover up to Rs 50 crore to 25 per cent will encourage medium to small Gem and Jewellery exporters and manufacturers.
In totality it's a positive budget for Gems and Jewellery Industry.