Upcoming mega CFC to boost global competitiveness of gems & jewellery sector: Union Minister Piyush Goyal

New Delhi, Sept 2 (KNN) The upcoming Mega Common Facility Centre (CFC) in Santacruz Electronics Export Processing Zone (SEEPZ) in Mumbai will boost global competitiveness of the Gems and Jewellery Sector, offering modern machinery and technical assistance, said Union Minister for Commerce and Industry, Piyush Goyal.

While addressing the Bhoomi Poojan ceremony of Mega CFC virtually on Thursday, Goyal said that this project will set an example that Government and Public Private Partnership (PPP) projects can also adhere to timeframes and be completed within the stipulated deadlines. 

The Minister highlighted that a target to complete construction by 1st May 2023 was set and this coincides with the completion of 50 years of SEEPZ and also falls on Maharashtra Day and Labor Day. 

Goyal also observed that with the skill development centre in place it will help enhance existing quality, productivity, manpower skills, domestic research and development and technology and improve cost competitiveness. 

The CFC will also serve as a social project, as it would help units especially Small and Medium Enterprises improve efficiency by providing facilities that need huge investment and help them move up the value chain

SEEPZ contributes a total Rs. 30,000 Crore worth of exports. Given its large exports and employment potential, government is making every effort to boost Gems and Jewellery sector.

FTAs with UAE and Australia have opened several doors for the sector. Exports of plain gold jewellery is gaining traction post India-UAE CEPA and negotiations are ongoing with EU, UK and Canada.  (KNN Bureau)