G&J sector amongst five to receive more attention from Indian govt

India’s gem and jewellery sector is amongst a group of five export sectors, which will be reviewed regularly by the commodities division of the Indian commerce ministry, to gauge effects of global developments on their activities, stated a report in a leading media. If need be, the government would make policy interventions when global economic changes like the Greek debt crisis affects the sectors’ performances, as reported.

The five sectors including textiles, pharmaceuticals, engineering, agriculture products and gem and jewellery, account for over 50 percent of India’s export earnings. At the time when global economic slowdown hit the worldwide export and import markets, India’s trade took a dip into the negative. Now although the economy is reviving in comparison to the 2009 levels, the growth is short of the export figures reached in 2008, as reported. In April 2010, exports valued $16.9 billion, and in April 2008, it was worth $18.5 billion.

Besides the monitoring by the commodities division, reviews being undertaken by the department for all sectors will go hand in hand to identify any need for implementing incentives to support the sectors’ growth during any global economic strain, reports add.