New Delhi, Feb 2 (KNN) The Gem & Jewellery Export Promotion Council (GJEPC) has welcomed the union budget’s thrust on ensuring progress and prosperity in the economy.

Chairman of GJEPC, Pramod Kumar Agrawal said “We understand that the budget presented by the government was a vote-on-account budget and is not a full budget. But we welcome the Government’s thrust on ensuring progress and prosperity through the budget.”

He said that the relief given in direct taxes to middle classes and farmers will be good for increasing jewellery demand in the country.

Further, he hoped that the with the capital infused in the banking sector and banks coming out of PCA will help in solving the shortage of working capital for our exporters.

Expressing his disappointment, he said “We are disappointed that the demand for decrease in import duty of raw materials like gold, silver, cut & polished diamonds and coloured gemstones were not included in the budget. We hope that during the declaration of the full budget after elections the gems and jewellery sector’s demands will be addressed.”