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content with Budget
SME jewellery elements were expecting this Union Budget to serve as a faultless middling to address manifold issues and fulfil the requirements of the industry in order to help them retrieve from the detrimental shock of the global economic downturn. However, the Budget has failed to evoke a assured answer from the SME-dominated sector.
“Although exports have entered the green zone, logging steady growth since the elapse few months, we were anticipating the administration apt declare some key measures in the Union Budget 2010-11 in mandate apt sustain the upward trend. However, this did not occur. The FM could have undertaken extra initiatives to aid SMEs in the gems and jewellery sector a while back the recessionary oppressions,” said Vijay Soni, proprietor of Mahabir Jewellers, a mid-sized wholesaler of gold, kundan jadau and diamond jewellery in Kolkata.
Besides, India’s gems and jewellery sector is up in weapon over its exclusion from elect export sectors, which tin advantage the 2% amuse subvention scheme because one more annual till March 31 [link widoczny dla zalogowanych], 2011.
“With gems and jewellery sector not being extended the benefits of concessional export finance scheme, SMEs in the manufacture would be impair the maximum for cost of manufacturing would surge [link widoczny dla zalogowanych], thereby leading to erosion of their competitiveness and in rotate affect exports,” said B Bhattar, adviser of Bhattar & Sons, a small-sized jewellery store in Kolhapur [link widoczny dla zalogowanych], Maharashtra.
Moreover, SME jewellery units and industry representatives beyond fear namely the domestic gold and silver jewellery bargains may plunge in the coming months due to the increase in excise responsibility, which in turn may lead to job losses in the sector.