Prime Minister Narendra Modi, during the inauguration of the Surat Diamond Bourse, expressed confidence that India will ascend into the top three global economies during his third term.
What to know? The Prime Minister highlighted India’s economic growth, noting its rise from the 10th to the 5th largest economy in the last decade. He assured that in his third term, India aims to be among the top three economies, with a focus on becoming a $5-10 trillion economy and boosting exports to record levels.
Modi pointed out that while India leads in diamond exports, its share in global gems and jewellery exports is just 3.5%. He encouraged Surat to aim for double digits in this sector, assuring government support in promoting patented designs, technological advancements, and sustainable practices like lab-grown diamonds.
Surat’s bigger role: The Surat Diamond Bourse hailed as a symbol of India’s strength and determination, is the world’s largest and most advanced centre for the diamond and jewellery trade. Modi emphasized the significant role of the Surat diamond industry in job creation, with 8 lakh existing jobs and an expected addition of 1.5 lakh due to the new bourse.
The Prime Minister also mentioned the modern infrastructure developments in Surat, including an international airport, metro rail, and enhanced connectivity through the Delhi-Mumbai Expressway. These advancements, he believes, will open new opportunities for local businesses.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.