New Delhi: The upcoming Union Budget should come up with business-friendly policies for the gems and jewellery industry, according to Shailen Mehta, Co-founder of eJOHRI, an onmichannel jewellery startup. Also Read - Employees Can Opt For New Tax Regime by Giving Declaration to Employers, Says CBDT
The e-commerce segment requires policies and regulations to benefit the overall jewellery industry along with the consumers, he added. Also Read - How to Avail NPS Tax Benefit Under New Income Tax Rates | Read Here
“We believe if the industry receives adequate support from the government in the upcoming budget with policies that are business-friendly for the sector, sentiments will change for the better. With online shopping increasing by the day, the government should come out with suitable policies in the e-commerce sector which would benefit the consumers and in turn the jewellery industry,” Mehta said. Also Read - FM Sitharaman to Address Rajya Sabha on Tuesday as First Budget Session Comes to an End
Noting that the gems and jewellery industry is one of the most evolving and thriving industries in India as well as one of the major contributors towards the economy, he also said that the the past year was not a good one for it with many losing their jobs due to the challenging times and insecurity prevailing in the sector.
On the company’s plans for the year ahead, he said that the online platform would look to “aggressively” expand its operations.
“eJOHRI has been able to have more than 20,000 products (on the platform) in the last six months. In the next six months we will grow this to 50,000 products,” Mehta said.
He said that the the immediate strategy of the company is to get more jewellers on board and more strategic decisions may follow during Diwali this year.
Last month the Mumbai-based startup had announced that it raised $1 Mn funding led by London-based investor Rajesh Ranavat alongside other investors in a Pre-Series A round.