Karnataka: State govt to provide tax concessions to investors in gem, jewellery sector

Bengaluru: Large and Medium Industries Minister Murugesh Nirani on Wednesday assured that the State government would give all the support and tax concessions to gems and jewellery sector to make investments in Karnataka.

He made the announcement at the India International Jewellery Show (IIJS) at the IIJS Exhibition at Bangalore International Exhibition Centre (BIEC), It was inaugurated virtually by Union Minister of State for Commerce and Industry Anupriya Patel.

"Karnataka is setting up jewellery parks in Kalaburagi and Kanakapura. They are ideal places for the investors to make investments. We are committed to providing all the support and concessions," said Nirani and added, "Gems and jewellery sector has a key role in achieving exports target. I thank the organisers for holding this prestigious event in Bengaluru, one of the most vibrant cities of the world."

It is the first time that this event was organised outside Mumbai in 36 years and it is good that Karnataka is provided with this wonderful opportunity, said Nirani.

"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 gems and jewellery sector has a potential to play a crucial role in this endeavour," Nirani said.

Highlighting Karnataka's pre-eminent position in the jewellery sector, Nirani promised to provide all the assistance to investors.

"Karnataka is the gold hub of the country as it is the only State to produce gold. Our government has planned to enhance gold production at Hutti to 5,000 kg in the next couple of years,'' he said. "We have requested Union Finance Minister Nirmala Sitharaman to give GST concession for those who invest in Kalaburagi Jewellery Park," Nirani said.

More than 2,500 stalls have been set up, 1300 exhibitors and 10,000 companies have registered to participate in the show. Over 20,000 people are expected to visit the exhibition. This is the 37th IIJS event, earlier 36 events were held in Mumbai. The minister invited the organisers to host this event in Bengaluru next year too.

The minister visited several stalls and interacted with the business leaders and professionals. He encouraged many participants to become entrepreneurs and turn job-providers instead of job-seekers.

Additional Chief Secretary of Commerce and Industry Dr E V Ramana Reddy, MLC Lehar Singh, L Suresh Kumar, Union Joint Secretary and Colin Shah, Chairman of GJEPC were present.