India’s landmark FTA with the European Union is set to supercharge the gems and jewelry sector, with forecasts of 20% export growth to the continent. Surat’s industry titans applaud the tax cuts as a strategic win at a critical juncture.
‘Right on time,’ declared Jagdish Khunt, Surat Diamond Association head. The tariff plunge from 10% to 0-3% fortifies India’s edge in Europe’s luxury market, atop existing ₹91,000 crore shipments.
Chairman Dinesh Nawadia of the Indian Diamond Institute sees it as pure acceleration. ‘This agreement acts like a booster shot, priming us for significant gains ahead.’
In wider terms, Meril Group’s Dr. Vaibhav Garg lauded PM Modi’s ‘mother of all deals.’ ‘It unlocks 27 EU markets for our medtech, serving 500 million affluent buyers and advancing self-reliance initiatives.’
More than trade, PM Modi envisions shared economic uplift. As details solidify, the industry gears up for a prosperous era, blending opportunity with resilience.