Posted on 28th Jun 2012 @ 10:23 AM
Indian Minister of Commerce, Industry and Textile Anand Sharma urged the Antwerp Diamond Bourse to establish an institutional linkage with the Bharat Diamond Bourse (BDB) “to build the necessary capacities and develop needed skills”.
The minister had led a high-level Indian business delegation to Belgium on June 24 and 25 to address the Global India Business Meeting - 2012 organized by Horasis and the Government of Flanders. The remarks were part of the Minister’s keynote speech.
The minister also assured the diamond industry that issues relating to the simplification of procedural tax would be taken up with the Indian Finance Ministry.
He added that he was confident that India’s coalition government would be able to evolve a consensus on allowing foreign direct investment (FDI) in multi-brand retail in India “very soon”.
India has rolled out a policy for 100 percent FDI in single-brand retail and the Minister said that several global majors have firmed up investment plans in this sector.
Diamonds constitute nearly 60 percent of India’s $17 billion trade with Belgium.