The All India Gems and Jewellery Trade Federation (GJF) Monday appreciated the government's plan to remove gold imports from Thailand under a Free Trade Agreement (FTA).
Earlier, GJF had recommended that gold could be removed from the FTA list, with non- compliance with added value stipulations of the possibility of the sharp increase in Imports of Jewellery taking place from Thailand and FTA countries.
The All India GJF Chairman Bachhraj Bamalwa said, "Realizing how gold is an area of focus for the finance ministry, we appreciate this decision of the Finance Ministry will help India overcome the balance of trade position."
The GJF had recommended a series of steps to help the government to save precious forex.
This included unlocking hidden reserve within the country, reducing the imports of gold by eliminating duplication is the use of gold instruments, bringing in methods of reduction in the hoarding of gold, and many other steps.
Bamalwa said, "We wish to continue our dialogue with the Finance Minister to apprise him of more measures to help resolve the forex situation".
Incoming Chairman of GJF, Haresh Soni asserted "Continuing our efforts to bring about better business for the trade, GJF hopes to make positive contribution the Gems and Jewellery sector through positive improvements in operations."
The Federation urged the government to encourage, enact and speak positively on gems and Jewellery sector.
The Federation also appreciated the positive steps taken by the government like the need to organize the sector, channelizing imports without wastage, reducing hand carriage and baggage rules, etc.