The gems and jewellery sector plays a significant role in the Indian economy, contributing around 6-7% to the country’s GDP. Based on its potential for growth and value addition, Government of India has declared the gems and jewellery sector as a focus area for export promotion. It has recently undertaken various measures to promote investments and to promote “Brand India” in the international market.
On January 20, Reserve Bank Governor Urjit Patel and others are expected to testify before the Public Accounts Committee (PAC) of Parliament on the 8 November 2016 announcement extinguishing at four hours’ notice, 86% of India’s currency. Because government agencies are—seven decades of “independence” later—still faithful to the colonial practice of not trusting natives with information, all that is available to go by are newspaper reports.