Surat units’ closure hits silver jewelry exports business

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SURAT: A credit disaster after bank fraud via Nirav Modi and anti-unique economic zone policies of the Central Government have brought about the closure of several silver manufacturing gadgets, specifically in Surat’s SEZ Hyderabad, resulting in seventy-five percent fall in us of a’s silver jewelry exports.


Gems and Jewellery Export Promotion Council (GJEPC) statistics show that exports of silver jewelry declined with the aid of seventy-five % to $837.Eighty-one million throughout April to March 2018-19 compared to $four billion inside the last economic yr. Exports of silver jewelry and artifacts had commenced choosing up from 2012-13 with the status quo of gadgets in Surat and Hyderabad. Silver jewelry exports in 2013-14 become registered at $1.5 billion, taking a major percentage from Thailand and China.

Closure of units in Surat and Hyderabad because of credit score disaster after bank fraud using Nirav Modi and anti-SEZ regulations of Central Government supplied an opportunity to producers in Thailand to make their artifacts and jewelry greater appealing with modern-day designs, resources stated. The industry has been demanding implementing the Baba Kalyani report that proposed changing SEZs into ‘employment and economic enclaves (3Es). The file specializes in migration, employment growth, incentives for production SEZs based on a call for funding, employment, and generation.

GJEPC vice-chairman Colin Shah instructed TOI, “SEZs in India can make a comeback if Baba Kalyani file is implemented. Many silver jewelry gadgets in Surat and Hyderabad had shut due to a lack of coverage from the authorities. This has resulted in our export share going to Thailand and China.” Shah stated Baba Kalyani committee has recommended preserving tax benefits, including the extension of the sundown clause, decreasing taxes (which includes a MAT of 9 in keeping with cent and exemption from DDT) for recognized strategic offerings, and allowing substances to the home market in Indian foreign money to bring parity among goods and offerings.

All India Gems and Jewellery Trade Federation (GJF) member Nainesh Pachchigar said, “Apart from SEZs, silver jewelry production devices in Surat have additionally close shops in domestic place because of many reasons, which include non-consumption of jewelry in domestic marketplace and excessive call for of jewelry synthetic in Thailand.”

SURAT: A class court docket which convicted Narayan Sai, son of tainted now secular chief Asaram, of raping a Surat girl and having unnatural sex along with her on Friday remaining, has sentenced him to existence imprisonment. The additional classes decide whilst giving Narayan Sai maximum punishment throughout sentencing on Tuesday, 3 days after his conviction, also fined him Rs1 lakh and presented a reimbursement of Rs5 lakh to the rape survivor.Forty-seven-12 months-antique Sai’s near aides – Ganga alias Dharmishtha, Jamna alias Bhavna, Kaushal alias Hanuman and driver Ramesh Malhotra- were found guilty of assisting him, have also been sentenced. Ganga alias Dharmishtha, Jamna alias Bhavna and Kaushal alias Hanuman were sentenced to 10 years in jail. Malhotra was given a jail term of six months from the additional sessions judge.

The rape survivor has raped through the convict multiple times between 2001 and 2004 in his Surat ashram and different locations. Special public prosecutor P N Parmar requested the court to award existence imprisonment to the convicts throughout listening to on quantum of punishment. “The convict took benefit of him being a nonsecular and specially positioned man or woman to commit the rape for which he should be provided lifestyles imprisonment,” Parmar argued. The prosecution demanded compensation of Rs25 lakh for the rape survivor and pointed out that the witnesses were given protection by way of the neighborhood court and even the Supreme Court. “Orders to provide safety to witnesses in a rape case rarely had to be issued with the aid of the court,” Parmar introduced. Multiple attacks had been allegedly made via the fans of Asaram and Sai at the witnesses in unique elements of the united states wherein 3 men and women misplaced their lives and lots of suffered serious accidents, which include husband of the complainant. The prosecution also submitted that Sai changed into additionally going through charges of try and bribe the investigating business enterprise with an amount of Rs13 crore and that Rs8 crore has been recovered through police.