K'taka govt promises support, concessions to Gems and Jewellery sector

Bengaluru: The Karnataka government on Wednesday promised to give all support and tax concessions to the Gems and Jewellery sector to make investments in the state.

Large and Medium Industries Minister Murugesh Nirani, who gave this assurance, also said the government planned to set up jewellery parks in Kalaburagi and Kanakapura and enhance gold production at Hutti.

The minister was speaking at the India International Jewellery Show (IIJS) Exhibition at Bangalore International Exhibition Centre (BIEC) here, which was virtually inaugurated by Union Minister of State for Commerce and Industry, Anupriya Patel.

“Karnataka is the gold hub of the country as it is the only state in the country to produce gold. Our government has planned to enhance gold production at Hutti to 5,000 kg in the next couple of years. We plan to set up jewellery parks in Kalaburagi and Kanakapura,” Nirani said.

“The government will give all support and concessions to the investors. We have requested Union Finance Minister Nirmala Sitharaman to give concession in GST for those who invest in Kalaburagi Jewellery Park,” he said.

Thanking the organisers for holding the IIJS for the first time in Bengaluru, the Minister said Gems and Jewellery sector has a key role in achieving the exports target.

Noting that it is the first time in 36 years that this event has been organised outside Mumbai, he said, “Karnataka is committed to the vision of Prime Minister Narendra Modi to achieve a target of 400 billion dollars of merchandise exports in the current financial year and I believe the Gems and Jewellery sector has a potential to play a crucial role in this endeavour.”