From The Desk of Rajesh Bajaj
New India @75!
Wishing will not bring riches!
Wishing you all a happy New Year! Let’s look at Bain & Co’ report prepared for AWDC that gives some silver lines for global gem-n-jewellery industry & trade, looks good from a perspective India! Right with the day one of 2019, India would be the KPCS Chair, its’ gavel is being passed earlier. Another focus would be on WorldSkill, Kazan where India is eying on Gold!
I think this is the strategic year from where India may move aggressively & attain the stature of global gem-n-jewellery hub, may establish as a global skill center & global designing hub! Now what we need is constant government support & constant policy of EoDB with strategic efforts. These efforts to be made at a time by both, one by government as well as two by industry & trade to attain a strategic supremacy!
Recently, I was looking at the document, Strategy for New India @75! Recently NITI had unveiled the comprehensive national Strategy for New India and that defines clear objectives for 2022-23. Indeed its’ an interesting to peep up the road map of the ongoing government. It has given clear idea of the government policy and a way to implement upon related attainments.
This ongoing government wishes to propel India towards a US$05 trillion economy by 2030 and wishes to halt at reaching out a size of US$04 trillion economy by 2022-2023. And in the row, recently Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu said: “the Ministry is examining the proposal to set up trade promotion bodies in 15 countries to promote exports of SMEs from India.
Here I am drawing a line that shows the ongoing government is firm to attain the stature of New India @75! Yet the key role is to be played by all those various stake holders of India. Else, as Dr Napoleon Hill said in his best seller book, ‘Think and Grow Rich’, published in 1937, “Wishing will not bring riches. But desiring riches with a state of mind that becomes an obsession, then planning definite ways and means to acquire riches, and backing those plan with persistence which does not recognize failure, will bring riches”
I think it is to be noted that the strategy of New India @75 is being inked & stretched up to be a US$05 trillion economy after a pulling out India from the list of ‘Fragile Five Global Economy’ peril while then ruling party was obliging people of India by deciding if 09 gas cylinder would be enough for the year or that to be a 12?
Now onus is on industry & trade to plan-n- rush with own persistence to attain the stature of global gem-n-jewellery hub, global skill center & global designing hub stature! How to encourage more MSMEs of gem-n-jewellery trade & industry, how swiftly India can establish all those proposed CFCs of our industry & trade!
Key fact-n-figure says, MSMEs exports have registered a growth of 7.5% during the FY 2017-18.
No doubt, GJEPC has proven trek record of prudent leadership and time to have led industry & trade in the right direction! Yet, the year 2019 is a crucial to push industry in the direction of New India @75 strategy. This requires an adequate plan to adopt transparency, MyKYC Bank like initiative to be a global directive! India is planning for 5G, Automation & AI areas while many stake holders are looking properly at the significance of digitisation!
Recently published Bain & Co’s diamond report says, “Some US retailers are shying away from natural melee because of the threat of undisclosed synthetics. There is a shift toward better-quality goods, which includes a small but growing preference to use better-quality lab-grown melee rather than lower-quality natural stones.”
The report says, these factors will continue to pressure India’s manufacturing sector in 2019. With rising labor costs, small stones are becoming less economical to produce at current lower price levels. India’s polishing factories will be forced to streamline their operations, and mining companies are expected to reduce their production plans.
While prices of small, low-value diamonds declined, the market for larger, certified polished stabilized in November, supported by US holiday demand. Sentiment improved after a positive start to the season. There is concern about the impact of the US-China trade war on luxury retail as Chinese tourists are spending less abroad!
I think it has attained a great success what is being carried by BDB! Their MSME based expo and zero tolerance for LGDs in the BDB. It has created good footfalls and India is acquiring big-n-costly stone cutting & polishing!
Lets’ envision too: New India @75!