Wednesday, 11th February 2004 (4530 views)

The Reserve Bank of India (RBI) has today urged the banking sector to back the development of the country's growing jewellery sector, as India targets growth in the area.

India, which is renowned as one of the gold jewellery hubs in the world - boasting the largest consumer demand in the world - is examining strategies to boost the smaller scale production even further.

To that end the country's major commercial banks are being encouraged not to categorize the small and medium enterprises (SMEs) as high risk ventures.

“The banks must realise the role of SMEs and not put them in high risk category. I urge the banks to promote the SMEs, especially in the gems and jewellery sector,' RBI Deputy Governor K.J. Udeshi told a seminar organised by Gem and Jewellery Export Promotion Council (GJEPC).

“More banks should and can focus on lending to small enterprises on standard products and in upgrading their technology to make them globally competitive,” he said, according to reports in Walletwatch.

Meanwhile, on the same stage GJEPC chairman Sanjay Kothari said the group was currently focussing on boosting for the exports of gems and jewellery to $ 16 billion by 2007, establishing India as a one-stop-shop.

'The council aims at creating a pool of artisans and designers trained to international standards so as to consolidate the Indian jewellery industry and establish it as prominent global player,' Mr Kothari explained.

 

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