Union Budget 2026–27 Sends a Strong, Growth-Oriented Signal: Kirit Bhansali, Chairman, GJEPC
“We appreciate the Government for presenting a constructive, growth-driven Budget that tackles critical challenges and injects fresh energy into India’s gems and jewellery industry. The measures enhance liquidity, boost manufacturing, and reinforce exports across the entire value chain.
“GJEPC welcomes the adoption of forward-looking customs reforms outlined in the Budget. Trust-based systems, digital assessments, and simplified clearance procedures will significantly reduce delays and costs, enabling faster and more efficient business operations.
“We also commend the provision allowing limited sales from SEZs to the Domestic Tariff Area at concessional duties. This move will help factories utilize unused capacity, protect employment, and stabilise trade amid US tariffs and fluctuating global demand.
“The removal of the ₹10 lakh cap on courier exports is a major step forward for e-commerce. It empowers MSMEs, artisans, and small jewellery brands to directly access global markets, while ensuring smoother returns and quicker processing.
“Allowing advance filing of Bills of Entry for trusted importers will facilitate immediate clearance upon arrival, cutting port waiting times, accelerating deliveries, and reducing logistics expenses for exporters and manufacturers.
“With MSMEs accounting for over 80% of the sector, initiatives such as the ₹10,000 crore SME Growth Fund, ₹2,000 crore support for micro enterprises, and ₹7,00,000 crore liquidity via TReDS—along with stronger banks and restructured NBFCs—will ease access to credit and spur expansion.
“Extending the duty deferment period for Authorised Economic Operators from 15 to 30 days, and extending similar benefits to eligible manufacturers, will improve cash flows, lower compliance requirements, and enable quicker clearances—helping exporters operate more efficiently.
“The extension of duty-free imports for Lab-Grown Diamond seeds and sawn diamonds until March 2028 is a timely and pragmatic decision. It keeps input costs competitive, supports production and exports, and protects a rapidly growing segment where India holds a global leadership position.
“The establishment of a new National Institute of Design will strengthen design capabilities and innovation nationwide. For the gems and jewellery sector, this translates into improved product development, modern aesthetics, and stronger branding—enabling Indian manufacturers to move up the value chain and compete more effectively internationally.
“Overall, this Budget provides the right impetus for growth towards Viksit Bharat and brings us closer to our vision of achieving $100 billion in exports by 2047.”