The India-European Union Free Trade Agreement (FTA) is being hailed as a timely and beneficial step for the country’s gem and jewellery sector, industry experts have stated. The agreement is expected to significantly enhance exports in this segment.
Speaking to news agencies, Jagdish Khunt, head of the Surat Diamond Association, said the FTA brings substantial relief to India’s gem and jewellery industry. The tax on Indian gems and jewellery in the European market has been reduced from 10 percent to between 0 and 3 percent. He described the move as well-timed and crucial for the sector’s growth.
Dinesh Navadia, chairman of the Indian Diamond Institute, added that the FTA with the European Union will act as a booster dose for the industry. Currently, exports to Europe amount to Rs 91,000 crore, and the agreement is likely to lead to a 20 percent increase in the coming years.
Dr. Vaibhav Garg, President of Global Government Affairs at the Meril Group of Companies, highlighted the broader impact of the deal. Quoting Prime Minister Narendra Modi’s description of the agreement as the “Mother of All Deals,” he affirmed that the FTA opens access to a high-value market of 500 million consumers in the EU. This presents a significant opportunity for India’s medical device sector.
Dr. Garg further noted that the FTA will enable Indian medtech companies to access markets across all 27 EU countries. This will not only boost Indian exports but also support the government’s goals of self-reliance and Make in India.
Prime Minister Modi, while announcing the India-EU FTA, emphasised that the agreement is more than just a trade deal; it is a new blueprint for shared prosperity between India and the European Union.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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