Banks should not hesitate to fund jewellers: Prabhu
Mumbai, May 11: Union Commerce and Industry Minister Suresh Prabhu on Friday said lenders should not hesitate in funding the gems and jewellery industry.
"With 3 million new jobs on the anvil, the banks should not hesitate to fund the industry efforts which are bonafide, transparent and above board.
"Also considering the fact that the sector is on a growth spiral and in view of the potential the industry has in future, the banks should further step up lending efforts to legitimate players fuelling the trade," the Minister said.
Prabhu unveiled a white paper drafted by Gem and Jewellery Export Promotion Council (GJEPC) at the one-day seminar titled "Diamond and Jewellery Financing 2018: Mitigating Risks Effectively".
He hoped the active participation of banks, ECGC and other stakeholders would help in strategising for the development of the gems and jewellery industry that has "a proven track record of being labour intensive, continuous job creation and economic development".
"We will never encourage wrongdoers in the industry but will ask our financial system to support all genuine players in the gems and Jewellery sector. This is essential to help the industry realise the full potential."
Innovative financial instruments and risk coverage must be provided to all genuine businesses in the sector, he added.
The event -- organised by the gems and jewellery industry to find ways to reduce risks and infuse confidence into financiers -- was attended by leading banks and financial institutions including the SBI, Central Bank of India, IndusInd Bank, ECGC and others.
It also witnessed a huge turn out from the major industry players, a statement said.
"This is the only industry in India who has created arbitration mediums with the banks and parties in case of NPA to achieve recoveries," GJEPC Chairman Pramod Agarwal said.
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Minister Parameshwara says remarks on properties linked to drug peddlers 'misunderstood'
Tumakuru (PTI): Karnataka Home Minister G Parameshwara on Saturday said his recent remarks on the demolition of properties linked to those involved in narcotics trade were "misunderstood and misinterpreted".
His clarification follows remarks made two days ago on the government's uncompromising crackdown on the drug menace, including action against properties linked to foreign nationals allegedly involved in drug trafficking.
"It is unfortunate. It is taken in the wrong sense. I didn't mean that tomorrow itself I am going to send bulldozers and demolish the houses. That was not my intention. It was wrongly taken," he told reporters here.
Responding to Congress MLC K Abdul Jabbar's question in the legislative council on the growing drug menace in Bengaluru, Davangere and coastal districts, the minister on Thursday detailed the extensive enforcement measures initiated since the Congress government assumed office.
Pointing to the involvement of some foreign nationals, the minister had said, "Many foreign students from African countries have come to Karnataka. They are into the drug business. We catch them and register cases against them, but they want the case to be registered because once the case is registered, we cannot deport them."
"We have gone to the extent of demolishing the rented building where they stay," he had said.
