India's gems and jewellery exports, which
contribute about 15 per cent of the country's overseas shipments, fell
by about 9 per cent to USD 39.5 billion in 2013-14. "Exporters were
already facing a demand slowdown in the western markets and the
imposition of curbs on gold imports are now acting as a double whammy,"
an industry expert said. Gems and jewellery exports were at USD 43.34
billion in 2012-13, an official in the Ministry of Commerce and Industry
said. The government took steps last year to contain gold imports in a
bid to narrow the current account deficit. It raised the import duty on
the metal to 10 per cent and made it mandatory for traders to export 20
per cent of imported gold, creating a supply crunch in the domestic
market. A local supply shortage hit exports as well, with volumes
declining on a monthly basis. The gems and jewellery export sector
employs 1.5 million people. The commerce ministry has asked the
Ministry of Finance to relax curbs on gold imports. After registering
growth of 21.8 per cent in October, exports of gems and jewellery
started contracting, with shipments down 22 per cent in March. Commerce
and Industry Minister Anand Sharma had favoured a review of curbs on
gold imports and said the restrictions were leading to smuggling. Gold
and silver imports dipped 40 per cent to USD 33.46 billion in 2013-14.
India's overall exports touched USD 312.3 billion in 2013-14, short of
the target of USD 325 billion. The current account deficit narrowed to
USD 31.1 billion, or 2.3 per cent of GDP, in April-December 2013 from
USD 69.8 billion, or 5.2 per cent of GDP, a year earlier, the Reserve
Bank of India said on March 5.
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