Timely and game-changing – that’s how leaders describe the India-EU FTA, especially for the gems and jewelry trade. With duties slashed dramatically, exports to Europe could jump 20%, injecting vitality into a vital economic pillar.
Surat Diamond Association President Jagdish Khunt welcomed the move. ‘From 10% to 0-3% taxes – it’s relief we’ve long awaited,’ he told reporters. Building on ₹91,000 crore in current exports, the deal promises exponential expansion.
Dinesh Nawadia, Indian Diamond Institute Chairman, termed it an industry booster. ‘Perfect timing amid global headwinds; we’ll see substantial uplift in volumes.’ The sector, employing millions, stands to reclaim momentum.
Dr. Vaibhav Garg from Meril Group spotlighted ripple effects. ‘PM Modi’s vision of the ultimate deal materializes, granting medtech access to EU’s massive 500 million market.’ This fosters innovation, exports, and domestic manufacturing goals.
Prime Minister Modi framed it as a prosperity roadmap beyond mere commerce. Stakeholders foresee a brighter future, with strategic alliances driving India’s export engine to new heights.