Modi government improving India’s quality of growth: Crisil

Jul 11, 2016 0

New Delhi– The Indian government’s policy focus hasn’t been based on populism, or on boosting cyclical growth through fiscal and monetary stimuli, but rather on repairing the system and initiating structural reforms wherever possible, a rating agency said.

Modi-africa“The (Prime Minister Narendra) Modi government’s fiscal policy, encouraged by low crude oil prices, has been quite prudent, and has aimed to improve the quality of spending through better targeting, and scaling up of infrastructure investment, while keeping a tab on overall deficit,” Crisil said in a report.

“The monetary policy, too, has focused on ushering in a low and stable inflation regime,” it added.

India’s Gross Domestic Product (GDP) is likely to grow at 7.9 per cent in 2016-17 compared with 7.6 per cent in fiscal 2015-16, provided the monsoon is normal and the global situation does not deteriorate from here, Crisil said.

“The swing factor this fiscal will be monsoon. There were three consecutive weather shocks — two bad monsoons and a spell of unseasonal downpour in March 2015 which affected growth,” it said.

The report — Choosing trend over cycle — that evaluates the quality of growth generated by the Modi-led government, focusses on improving quality of economic growth, and the potentially disruptive impact of digitalisation.

“Structurally positive steps have been taken such as to mend the electricity and banking sectors, but these remain work in progress,” the rating agency said.

“The government has also managed to pass two key Bills — the Insolvency and Bankruptcy Code Bill, 2016, which strives to create an enabling environment for expeditious resolution of bankruptcies with least pain to stakeholders, and the Aadhaar Bill to distribute subsidies, rural wages and pensions through an electronic platform,” the report noted.

The government has also been quick to board the technology bandwagon with its “Digital India” programme, which aims to speed up financial inclusion and deliver government services electronically by increasing internet connectivity and improving online infrastructure, the report stated.

“And unlike China, current growth in India is not supported by rampant credit creation. Domestic credit growth has averaged 9.8 per cent in the last two years, almost in lockstep with 10.2 per cent nominal GDP growth, underscoring sustainability,” the report added.

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Aiming to take India’s growth beyond 8%: Modi

Jul 10, 2016 0

Nairobi– Prime Minister Narendra Modi on Sunday asserted that he is aiming to take India’s growth to beyond 8 per cent while commending the people of Indian origin in Kenya for maintaining their Indian culture and tradition.

“At a time when the world is going through an economic downturn, India is the only bright spot,” Modi said in his trademark diaspora rally at the Kasarani Stadium here soon after arriving from Tanzania on the fourth and final leg of his four-nation African tour.

Modi-Kenya“My intention and desire is to take India’s growth rate to 8 per cent and beyond,” he said to rapturous cheers from a crowd of over 20,000 people.

There are around 80,000 people of India origin in Kenya, most of whose ancestors were brought as labour for the railways the then British rulers were building or came as traders.

The Prime Minister said the main driving force of India’s steadfast march on the path of development was “the resolve, desire and hard work of 1.25 billion Indians”.

“Improving the quality of life for the ordinary Indian, that is the main task of my government,” he said.

Stating that the youth of India were intelligent, he said they have the strength to “turn soil into gold” in foreign lands as well.

“To tap into the energy of our 800 million youth, we have started a new campaign called Start Up India,” Modi said.

He said the world was facing two critical issues – global warming and terrorism.

“The sooner forces of humanity join hands, the sooner we can defeat terrorism,” he stated.

At the beginning of his speech, the Prime Minister commended the Indian community in Kenya for preserving their culture and tradition despite being away from their land of origin for generations.

“There must be people of third generation or fourth generation here,” he said.

“They must have only heard about Ganga, Assam, Nagaland or Mizoram. Despite this, it is commendable that they have been able to preserve their culture.”

He said that in Kenya he has “experienced the full diversity of India and all its fragrances”.

He also commended the Indian community for contributing to Kenya’s development.

“Whatever be the reason and compulsions behind your ancestors coming to Kenya, you made it your own land and worked for Kenya’s progress,” he said.

Modi got a pleasant surprise when Kenyan President Uhuru Kenyatta joined him at the venue unannounced.

Welcoming Modi, Kenyatta said that he was glad and excited that Modi accepted his invitation to visit Kenya.

Stating that Kenya was a multi-ethnic and multi-cultural society, he said: “These people in front may be of Indian origin, but in heart, mind and soul they are truly Kenyan citizens.”

On his part, Modi said that it was a matter of “great privilege and honour for all of us that President Kenyatta is also among us to grace the occasion”.

“For me and for India, it is a great, great honour,” he said.

On Monday, Modi will hold bilateral talks with Kenyatta and also visit the University of Nairobi and interact with students there.

After completing his engagements in Kenya, the Prime Minister will depart for India later in the day.

This is the first prime ministerial visit from India to Kenya in 35 years after the visit of then Prime Minister Indira Gandhi in 1982.

Apart from Kenya and Tanzania, Modi’s five-day Africa trip also took him to Mozambique and South Africa.

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Delhi court asks Mallya to appear on September 9

Jul 9, 2016 0

New Delhi–A Delhi court on Saturday asked liquor baron Vijay Mallya to personally appear before it on September 9, after allowing the Enforcement Directorate (ED) plea to withdraw the exemption given to him from personal appearance in a case of alleged violation of foreign exchange rules.

Vijay Mallya

Vijay Mallya

Chief Metropolitan Magistrate Sumit Dass allowed the ED plea seeking recall of a court order granting permanent exemption from appearance to Mallya, who is in the UK and also faces money laundering charges in India.

The court was hearing the final arguments in the 2000 case related to violation by Mallya of provisions of the erstwhile Foreign Exchange Regulation Act (FERA) in arranging funds to advertise his company’s liquor products abroad.

According to ED, Mallya had allegedly paid $200,000 to a British firm for displaying the Kingfisher logo in the Formula One World Championships in London and some European countries in 1996, 1997 and 1998. The agency had claimed that the money was allegedly paid without prior approval from the Reserve Bank of India, in violation of FERA norms.

Mallya was summoned and tried in the case. He was granted exemption from personal appearance by the Delhi court on December 20, 2000.

The ED has sought withdrawal of exemption granted to Mallya and sought the court’s direction asking him to personally remain present in court on each and every date of final arguments of the case.

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Singapore wealth funds keen to invest in India

Jul 8, 2016 0

Singapore– Prominent wealth funds of Singapore have shown keen interest in investing in India, a senior Indian official said on Friday.

Shaktikanta Das

Shaktikanta Das

“Lot of interest and deep appreciation in Singapore about reforms and policy initiatives in India,” Economic Affairs Secretary Shaktikanta Das said in a tweet about his ongoing visit to Singapore.

Describing his meeting with Singapore government-owned wealth funds, Das said in another tweet: “Had very good meetings with GIC, Temasek and other investors in Singapore. Big interest to invest in India continues.”

“Meeting with Permanent Secretary, Ministry of Finance, Singapore was very positive,” he added.

During his visit to Singapore last year, Indian Finance Minister Arun Jaitley had met with local wealth and pension funds regarding their participation in India’s National Investment and Infrastructure Fund (NIIF).

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Government nudges auto industry to move from fuel to electric cars

Jul 7, 2016 0

New Delhi– Emphasising that electric cars were the future, the Union government here on Thursday said it is time for the auto industry to manufacture more such vehicles.

“It is time for the auto industry to manufacture more electric vehicles. I am confident electric vehicles will be a success story,” Union Minister for Road Transport and Highways Nitin Gadkari said at the CNBC-TV18 Auto CEO Summit.

Nitin Gadkari

Nitin Gadkari

The minister said the success of the electric car depends on whether its prices can be brought down, which requires the automobile companies to focus more on research.

“The industry needs to focus on research for electric vehicles. I think if the prices come down, electric cars will do well,” Gadkari said.

Mahindra and Mahindra Executive Director Pawan Kumar Goenka stressed that the country needs to attract global automobile majors to conduct research and development for electric cars in India.

Meanwhile, Tata Motors is trying to put out electric buses by the end of this year, its Executive Director – Commercial Vehicles Ravindra Pisharody said.


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Congress alleges ‘mal-intent’ in Modi government ordering new audit of telecom firms

Jul 7, 2016 0

New Delhi– The Congress on Thursday alleged that the Narendra Modi government overstepped its limits to order an alternate audit by the Telecom Ministry of six telecom companies rejecting the Comptroller and Auditor General’s (CAG) scrutiny. The audit by the CAG found under-reporting of income by six telecom companies to the tune of Rs 46,045.75 crore from 2006-07 to 2009-10.

The six telecom companies that were audited by the CAG were Bharti Airtel, Vodafone, Reliance, Idea, Tata and Aircel.

Randeep Singh Surjewala

Randeep Singh Surjewala

The Congress alleged that the Modi government opted for an alternate re-evaluation of these figures by the Telecom Ministry through chartered accountants who are empanelled with them.

“This reflects the apparent mal-intent of the government to dilute or diminish the figures put forth by CAG,” said Congress spokesperson Randeep Singh Surjewala.

According to Surjewala, CAG had initiated an audit of the six telecom companies for four years from 2006-07 to 2009-10 at the instructions of the previous Congress-led United Progressive Alliance (UPA) government. CAG submitted its report in March 2016.

“It specifically looked at under-reporting of income and non-uniform method of accounting adopted by various telecom companies and consequent lack of obligation to pay outstanding licence fee and Spectrum Usage Charges (SUC),” said Surjewala.

He alleged that CAG found an understating of income by these six companies of Rs 46,045.75 crore in the four years.

“CAG found that there was an amount of Rs 12,488.93 crore, which remains un-recovered by the government. This does not include penalty and other relevant taxes. Final loss for these four years would be even greater than the stated amount,” he said.

“Although there has been considerable increase in business, consumer base and income, even if loss of exchequer is calculated on the same formula for the years 2010-11 to 2015-16, this figure would be more than Rs 45,000 crore,” he added.

Congress also alleged that the audit by CAG was delayed due to a challenge before the courts regarding jurisdiction of CAG to audit accounts of private telecom companies.

“The Supreme Court transferred all the matters before it and rejected the claims of telecom companies according to the judgement dated April 17, 2014 and permitted CAG to audit the accounts,” said Surjewala.

The Congress said that instead of immediately acting on these revelations reflecting serious loss to public exchequer, the Modi government opted for an alternate re-evaluation of these figures.

“This is a clear methodology of the Modi government to inordinately delay the process of recovery for years together, if not writing it off entirely,” alleged Surjewala.

“We demand recovery of all the money and further audit of the telecom companies before and after the stated audit period (2006-07 to 2009-10). The companies that got licences after 2010 are also amenable to audit,” he added.

Surjewala further pointed out that under the Telecom Licensing Policy implemented in 1999 (NTP 1999), the BJP government then gave a bail out package to help telecom companies.(IANS)

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Unhappy at move to Textiles, Smriti Irani fails to hand charge to Javadekar

Jul 7, 2016 0

By Anand Singh

New Delhi– Smriti Irani may have scoffed at speculation over her ouster with a “Kuch toh log kahengey”, but the former HRD Minister was missing from a ceremony on Thursday to formally hand over charge of the ministry — despite two phone calls to her by her successor Prakash Javadekar.

Irani, who was shunted to the low-profile Ministry of Textiles in Tuesday’s cabinet reshuffle, seems to be “unhappy” over being displaced from the HRD Ministry, said sources.

Smriti Irani replaced by Prakash Javadekar in the Human Resource Development Ministry

Smriti Irani replaced by Prakash Javadekar in the Human Resource Development Ministry

On Thursday, Irani failed to attend the charge-taking ceremony of the newly-appointed HRD Minister Javadekar at Shastri Bhavan despite being present in Delhi and being formally invited.

Traditionally the outgoing minister hands over charge to the new minister at a formal ceremony.

On Wednesday, but for Javadekar, all the other newly-appointed ministers as well as those who were shifted from their ministries went to their new offices in the presence of the outgoing minister.

Following the tradition, Javadekar himself handed over the charge of Environment Ministry to newcomer Anil Madhav Dave on Wednesday, while Irani took charge of her new Textiles Ministry.

But Javadekar’s assumption of charge of the HRD Ministry was set for Thursday.

Javadekar was hopeful that Irani will turn up on Thursday to hand over the charge, but she didn’t.

Javadekar waited till the last for Irani to show up before taking the charge.

“Javadekar ji called Irani twice in the morning. But she finally didn’t turn up,” a source told IANS.

Irani’s absence was apparent of her unhappiness at being shunted out, but Javadekar downplayed the issue, saying “She was supposed to come today, but she was stuck in some personal work.”

“I had a word with her in the morning on phone,” the Minister said.

After the reshuffle, Javadekar had gone to meet Irani at her residence on Wednesday morning.

Sources said that Javadekar had tried to soothe Irani’s dejection but his efforts were in vain.

Javadekar, who was supposed to take charge on Wednesday deferred it till Thursday and even held a meeting with HRD officials in the ministry on Wednesday itself.

On Wednesday, Irani, after taking charge of the Textiles Ministry had denied rumours that her move to the new office was a demotion.

She thanked Prime Minister Narendra Modi for placing her in charge of a sector that has immense potential to generate employment.

On persistent questioning about her being moved out of the HRD Ministry, Irani said, “There have been so many questions and so many things being said. I would only say that ‘Kuchh to log kahenge, logon ka kaam hai kehna’ (People will talk, it is their business).”

Javadekar was the only Minister of State to be elevated to cabinet rank in Tuesday’s reshuffle.

Sources close to Irani told IANS that she had had an inkling she might be shifted out from the HRD ministry.

When she met an Education Minister of one of the BJP ruled states few days ago, Irani indicated that she might not be in the HRD Ministry when he visits her next.

Sources told IANS that Irani was shifted to Textiles because of the many controversies during her tenure as HRD Minister and the way she dealt with them.

“She should not have dealt with these controversies in such aggressive manner. As an HRD Minister she was not supposed to behave like this. You are dealing with students. Even a teacher doesn’t behave the way she did. The ministry was given to Javadekar, who is known to be a cool and clam person,” a source told IANS.

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Africa visit aimed at enhancing ties: Modi

Jul 6, 2016 0

New Delhi– Prime Minister Narendra Modi on Wednesday, in a series of posts on Twitter and Facebook, said that his five-day four-nation African tour starting from Thursday is aimed at enhancing ties between India and Africa.

“My Africa tour, aimed at enhancing ties between India & Africa will begin from Mozambique in a brief but key visit,” Modi tweeted ahead of his first official visit to continental Africa.

Indian Prime Minister Mody

Indian Prime Minister Mody

Apart from Mozambique, he will also visit South Africa, Tanzania and Kenya.

Elaborating on Facebook, he said his visit to Mozambique was aimed at increasing bilateral cooperation and boosting cultural linkages.

“I will meet (Mozambican) President Filipe Nyusi and hold extensive talks with him,” Modi stated.

“My other programmes include a meeting with Ms. Veronica Macamo, the President of the National Assembly and a visit to the S&T Park, Maluana where I will interact with students,” he said, adding that he would interact with members of the Indian community as well.

The Prime Minister said his programmes in South Africa, where he would be reaching on July 7 evening, would span across Pretoria, Johannesburg, Durban and Pietermaritzburg.

“South Africa is an important strategic partner, with whom our ties are historical and deep-rooted,” he stated.

“History is witness to how Mahatma Gandhi’s stay in South Africa impacted him and the history of the world. He went to South Africa as a lawyer seeking work and returned to India as a strong voice for humanitarian values, who would go on to shape the history of humankind.”

Modi said he would be visiting Gandhi’s Phoenix Settlement and Pietermaritzburg railway station, two places very closely associated with Mahatma Gandhi’s stay in South Africa.

“A visit to South Africa is incomplete without remembering the beloved Madiba (Nelson Mandela). I will also be honoured to visit the Constitutional Hill and Nelson Mandela Foundation where I would pay my tributes to an icon of human history, who made his country and the world a much better place,” he stated.

Apart from South African President Jacob Zuma, the Prime Minister said he would also be meeting Deputy President Cyril Ramaphosa.

He said to boost economic ties, he would speak at an India-South Africa business meet.

Other programmes, he said, include a meeting with the Alumni Network in Durban and a reception hosted by the Mayor of Durban at Durban City Hall.

“South Africa is home to a vibrant Indian community, that has made South Africa their home for years. I will interact with the Indian community at a programme in Johannesburg on 8th July,” he stated.

After completing his engagements in the twin cities of Johannesburg and Pretoria on July 8, Modi will travel to Durban on July 9.

Durban is home to 800,000 of the 1.2 million Indian-origin people in South Africa.

The Prime Minister, who would reach Tanzania on July 10, described that east African country as “a valued friend”.

“There will be extensive talks with President Dr. John Magufuli where we will chalk out the road ahead for bettering India-Tanzania relations in a wide range of areas,” he said.

“I will also be meeting ‘Solar Mamas’, a group of rural women solar engineers from Africa who have been trained under GOI (Government of India)-supported programmes to fabricate, install, use, repair and maintain solar lanterns and household solar lighting systems in their villages.”

Modi will also interact with members of the Indian community in Tanzania, which numbers around 50,000.

The Prime Minister, who will reach Nairobi on July 10 evening on the fourth and final leg of his visit, said that “India-Kenya ties have stood the test of time”.

“Both our nations have had very strong people-to-people ties and both nations have successfully fought colonialism in the previous century,” he stated.

He said his talks with Kenyan President Uhuru Kenyatta would revolve around how India and Kenya could grow their bilateral cooperation.

“I envision better trade, commercial and cultural exchanges between India and Kenya. The potential is immense and together we seek to harness it,” Modi said.

He said he would offer floral tributes to a statue of Mahatma Gandhi, who is widely revered in Kenya.

“I shall also pay tributes to Mzee Jomo Kenyatta, the first president of Kenya and a towering political figure of Africa,” he said

There would also be a meeting of the India-Kenya business forum which, the Prime Minister said, would “be an important forum to elaborate more on the economic aspect of our relationship with Kenya”.

“A programme that I am keenly looking forward to join is an interaction with students at the Nairobi University,” he said, adding that he would address a community programme on July 10.

“There is also a meeting with Bharatwallah Alumni Association during the visit. Another programme is the handing over of ambulances and a model of Bhabhatro”,” Modi stated.

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We`re committed to Make in India, nurturing start-ups: Cisco honcho

Jul 6, 2016 0

By Nishant Arora

Amit Phadnis-IANS-Large

Amit Phadnis, President, Engineering and India Site Leader, Cisco

Bengaluru– US-based global technology company Cisco, that arrived in India in 1995 and has created thousands of jobs since then, says it is committed to the Make-in-India programme and will continue to be generous in nurturing start-ups.

Reiterating Cisco’s commitment to align with Prime Minister Narendra Modi’s ambitious Digital India and Smart Cities initiatives in a free-wheeling interview to IANS, Amit Phadnis, President, Engineering and India Site Leader, said the time is ripe to begin a manufacturing unit in the country.

“We are very committed to make the manufacturing happen here. The commitment is very firm. Our teams are working towards realising this goal. We have also identified the place but there is still some time to go public on this,” a cheerful Phadnis told IANS at Cisco’s sprawling campus located at Cessna Business Park here.

With 11,000 people working in India, the $143 billion company is reported to set up a manufacturing base in Pune — a city where it recently opened its second Global Delivery Center, the other being operational in Bengaluru. However, the specific details are yet to emerge.

Phadnis, who last week initiated ‘LaunchPad’, an open innovation initiative to help startups, authorised channel partners and developers scale their solutions, address new markets and build digital businesses in India, is confident that the initiative will first digitally empower the few millions in our country before digitising the next three billion globally.

“Till date, we have committed nearly $280 million towards the start-up community in India. If more funding is required, our CEO John Chambers and the top management will be more than open to look into it, but in reality, $280 million is a good beginning to nurture start-ups,” he added.

Via Launchpad, Cisco teams will mentor startups and developers on how to help create digital solutions to enable enterprise customers, service providers and other enablers in the public and private sphere.

“We will create an ecosystem where companies can actually succeed to a point where they actually tap into the funds. The challenge that however remains for a start-up is how to succeed with that kind of money,” Phadnis explained.

Here is how Launchpad will work.

“First of all, We will run a selection process. The parameters are going to be simple like what are the qualities of the founding team, the technologies the team is working on, is it really a rejuvenating start-up?, etc,” Phadnis said.

He believed that great ideas falter because they are not able to scale and solve the larger problems and take to the market. “We are trying to recreate larger construct and we want to solve larger digital solutions. At the end of the day, we want the startup to succeed and we want Cisco and a partner to succeed too, creating a solution which will be useful for society,” Phadnis explained.

“From a start-up’s perspective, if I get into Launchpad, it gets me Cisco technology, mentorship and connects to the partner’s community. Most importantly, it gives me visibility of what are the real solution that can be taken to the market and it gives me the power of the Cisco market engine globally to literally use the wings to fly the globe,” he said.

The initiative will initially focus on manufacturing, retail, transportation, education and the healthcare sector.

To succeed in education, defence or health sectors, multiple technologies from across the domain are required. “We need portfolio of technologies that are going to be important from the innovation point of view. You need to map multiple technologies to one solution and create a go-to-market engine around it,” Phadnis emphasised.

Launchpad is not just limited to Bengaluru or Pune. “We are ready to bring the capabilities that we have bulit in engineering and services pan-India. We are not restricted to any specific city,” Phadnis noted.

Security is the next big thing and for Phadnis, Cisco is ready with a decated security line-up for its customers. “Security is one of the biggest focus in the company at the moment and for us, it is about networks, computer infrastructure, internet of things (IoT), governance, e-governance, cyber security — you name it,” he said.

Last month, Cisco acquired cloud security company CloudLock Inc. for nearly $300 million to provide companies a secured, hacker-free cloud experience. Cisco and French electronics group Thales have also announced a new cybersecurity partnership to develop cyber detection and counter-attack solutions.

“We are taking a holistic view of what does it take to secure an entire infrastructure, whether networking or non-networking, at Cisco,” Phadnis said. (IANS)

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North Indians want bigger diamonds, South Indians want it better

Jul 6, 2016 0

By Mayabhushan Nagvenkar

Panaji–The North India versus South India divide doesn’t just end with roti or idli. Even when it comes to buying diamonds, there is a marked difference between the tastes of buyers from North India and South India, according to Tehmasp Printer, managing director of the International Gemological Institute.

While North Indian buyers prefer size above anything else while purchasing diamonds, South Indian buyers are more conscious about the quality of the stone, Printer told IANS, adding that the artificial diamond, though cheap, can never replace the value and worth of a natural diamond, both as an ornament and as an investment.

Diamond“Generally, buyers in the northern region of the country prefer larger diamonds and opt for diamonds which will add to their status. Southern buyers opt for quality over size. They’d buy a smaller diamond without compromising on the quality of the stone,” said Printer.

“The eastern region is a mix of the above. The western region is completely a diverse market,” added Printer who was in Goa to participate in a buyer-seller meet organised by the IGI in South Goa.

Printer also said that gems and jewellery trade accounts for around 6-7 per cent of the country’s Gross Domestic Product and India accounts for 95 per cent of the world’s diamond export, according to statistics released by the Gems and Jewellery Export Promotion Council.

“India is one of the largest exporters of gems and jewellery and the industry is considered to play a vital role in the Indian economy as it contributes a major chunk to the total foreign reserves of the country,” Printer said.

“The UAE, the USA, Russia, Singapore, Hong Kong, Latin America and China are the biggest importers of Indian jewellery,” he added.

According to Printer, the gems and jewellery market in India is expected to grow at a compound annual growth rate of 15.95 per cent over the period 2014-2019.

During the period from April to December 2015, India imported US$17.33 billion worth of raw material for gems and jewellery and with an eight per cent share in polished diamonds, India has become the world’s third largest diamond consumer, Printer said.

When asked if the central government’s crackdown on black money would be a deterrent to the growth of the gems and jewellery market, Printer said: “I don’t think so. We Indians have survived and persevered through many challenges we have faced. The diamond trade will survive and flourish nevertheless.”

The IGI official also dismissed the challenge posed by cheaper synthetic diamonds to its natural counterpart, claiming while the artificially created diamond was “a diamond in every sense of the gemology,” in terms of value and investment the natural diamond could not be compared with.

“A synthetic diamond is a diamond produced in an artificial process, as opposed to natural diamonds, which are created by geological processes. Today synthetic diamonds are much cheaper. However, the value that a natural diamond has in the consciousness of the customer cannot be denied. Natural will always be preferred over synthetic,” Printer said.

“Due to advancement of technology, a synthetic diamond is available at half the price of a natural diamond. Technology will continue to progress. In the future, the same synthetic diamond which a customer purchased today, say, for Rs two lakh, may be available at lakh. So where is your investment?” he said.

Printer also said there was a basic difference in which a domestic consumer viewed diamonds, as compared to one in a foreign market where the aesthetic value of the stone comes at a premium.

“Often in India, when it comes to purchase of gold jewellery, consumers enquire about the gold content, making charges and the like. The contents are stripped down. Aesthetics of the jewellery are not valued. But one can’t do that at a Cartier or Gucci store,” he said.

“But that’s how the domestic market works where consumers often purchase gold as an investment. The export market works differently. A client abroad may order a large consignment from a manufacturer and will accept it if it is IGI certified. This offers the manufacturer an ease in business transactions leading to increased profits,” Printer said.

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