SEEPZ SEZ’s two wishes from budget!
At least since last half decade a Gem & Jewellery export from SEEPZ is stalled under US$ 2.5bn p.a. During the FY 2015-16 SEEPZ SEZ Export halted at US$ 2.33bn, further a gem-n-jewellery export during FY 2016-17 remained up to US$ 2.31bn, 2017-18 US$ 2.15bn & 2018-19 US$ 2.20bn.
It is being learned through the available fact-n-figures that not only the SEEPZ is struggling to cross the nearest target of gem-n-jewellery exports over US$ 2.5bn but it fears to retain their export over US$ 2bn. SEEPZ export trend shows their shrinking exports!
Significantly SEEPZ SEZ is exporting gem-n-jewellery to USA. Of their total exports US export shares above 50%. Interesting export trend is being learned that they are retaining US market and out of total SEEPZ export, they exported about 58.43% to USA. Even in the year 2015-16 their export had of 54.25% to USA market of their total export basket. Here struggle is to attain the nearest target to cross 60%!
Another Trend is learned at three European countries that is France, Spain & Italy. Where their Year over Year (YoY) growth was correspondingly found tumbled by, -22.67%, -26.58% & -19.35% during FY 2015-16. Perhaps huge tumbling SEEPZ exports grown for France to 26.76% YoY in 2016-17 over the -22.67% in 2015-16, Export to Spain that jumped to 16% YoY in 2016-17 from the -26.58% in 2015-16 & exports at Italy that shoot up to 30.80% in the FY 2016-17 from -19.35% of 2015-16.
Perhaps a good bounce back, SEEPZ could not retained their growth story and lose their market command. SEEPZ export to France contracted just of 4.82% YoY in 2018-19; Spain grew 5.5% YoY & Italy remained to 13.93% YoY in 2018-19.
Including SEEPZ, Indian gems and jewellery exports worth a US$ 40bn & that contributes 7% to India’s GDP and 12 % to Merchandise Exports. Overall this sector employ workforce of 5 Million across India. According to the GJEPC submission for the budget 2020-21 that, 1: the forthcoming budget proposes an Allowance of job work to SEZ units for DTA units and 2: the forthcoming budget proposes an Allowance of sale of gems and jewellery items from SEZ to DTA units!
It would be an interesting to peep up 2001; SEEPZ housed more than 150 gem and jewelry units, employing around 80,000 people, although this number has decreased since the economic downturn of 2007-2008. And thereafter there is no update at SEEPZ SEZ official website! (Exclusively inked & edited by Nayan Jani, Editor, JNI.)
