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Institutional mechanism needed for jewellery exports: Prabhu

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New Delhi, Dec 1 (IANS) India needs a robust institutional mechanism to help boost jewellery exports, Commerce Minister Suresh Prabhu said on Friday.

Addressing the Gold Summit, organised by the Gem and Jewellery Export Promotion Council, Prabhu also suggested that efforts be made to bring in the best global designers in the jewellery sector to compete in the international market.

“With the organised support that the industry as well as the government can provide, we can create an institutionalised mechanism that is necessary to increase exports of the gold jewellery,” he said.

The Minister’s remarks come against the backdrop of official data last month showing that exports of Indian gems and jewellery declined nearly 25 per cent to $3.3 billion in October, from 4.4 billion in the same month last year.

The Commerce Minister also spoke favourably about stakeholders’ earlier suggestions for setting up a Gold Board on the lines of those existing for some other commodities.

Addressing the gathering, Commerce Secretary Rita Teaotia said the government is considering a relook at the import duty on gold in order to curtail the arbitrage opportunities resulting from free trade agreements but without hurting the genuine requirement of business.

Her comment came in the wake of a surge in gold imports earlier this year from South Korea, which signed an FTA with India in 2010. In August this year, the Indian government responded by restricting imports of gold and silver items from South Korea.

Gold imports from South Korea more than quintupled to $339 million between July-August this year over the same period last year.

Interacting with reporters on the sidelines, Prabhu said he had told industry stakeholders to target $25-30 billion worth of gold jewellery exports in the next few years.

“India has a large stock of gold… a lot of it in homes. Our artisans, who do such marvellous work, with the requisite marketing, their designs have great potential to boost exports,” he said.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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