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India will be among world’s top 3 economies in my 3rd term, says Modi at Surat bourse
Prime Minister Narendra Modi on Sunday unveiled Surat Diamond Bourse and a new terminal at the city’s airport
India will be among the world’s top three economies in his third term, Prime Minister Narendra Modi said on Sunday while inaugurating the Surat Diamond Bourse, said to be the world’s largest such office complex.
At over 6.7 million sq ft of floor space, the bourse is a symbol of “new India’s capabilities and resolutions”, showcasing the abilities of Indian designers, materials and concepts, the Prime Minister said.
The Prime Minister also unveiled a new terminal at Surat airport built at a cost of ₹353 crore. The terminal, designed with a blend of heritage aesthetics and sustainability features, is aimed at facilitating seamless trade and travel, according to a press statement.
“Surat has contributed significantly to Gujarat and the country, but in my opinion, it has even greater potential. According to me, this is just the beginning, and we need to move forward,” Modi said.
“As you all know, in the last 10 years, India has risen above the 10th position in global economic strength and is now ranked fifth in the world,” he added. “Now, your Prime Minister Modi guarantees that in his third innings, India will definitely be among the top three economies in the world.”
Modi assumed office in 2014 and secured a second term after the Bharatiya Janata Party (BJP) led its alliance to victory in 2019. The National Democratic Alliance will be seeking a third term in the 2024 Lok Sabha elections.
“The government has also set targets for the next 25 years; whether it’s a $5 trillion or $10 trillion goal, we are working towards all of them,” Modi said.
“We are also working on taking the country’s exports to record heights. In this regard, the responsibility of Surat, especially its diamond industry, has increased manifold,” the Prime Minister said. “All the industry leaders of Surat are present here, and the city should decide how it can contribute to the country’s growing exports.”
The new bourse in Khajod village near Surat city is spread over a sprawling 35.54 acres and built at a cost of ₹3,400 crore. It aims to be a global hub of rough and polished diamond trading. Surat’s diamond industry, currently generating ₹2 lakh crore in revenues, is projected to double to ₹4 lakh crore.
The bourse comprising nine tower blocks hosts a trading hall, vaults, banks, customs office, money transfer and auction facilities, retail stores and control room, among other amenities.
“One more diamond is added to Surat’s grandeur. The diamond is not small but the world’s best. Even the biggest buildings of the world look pale before the shine of this diamond. Whenever one talks about this diamond bourse in the world,, Surat and India will be mentioned,” Modi said.
Surat is the worldwide hub for diamond production, with eight out of 10 diamonds globally are cut, polished and processed in the city. Gujarat contributes to 80% of India’s diamond exports, and 90% of Gujarat’s diamonds are cut and polished in Surat.
“These days, you must be hearing a lot about the discussion regarding Modi’s guarantee. In recent days, with the election results, this discussion has gained even more momentum. However, the people of Surat have known Modi’s guarantee for a long time,” Modi said. “The hardworking people here have witnessed Modi’s guarantee transforming into reality. An example of this guarantee is the Surat Diamond Bourse.”
The Prime Minister recalled that years ago, members of the diamond business community, including craftsmen and entrepreneurs, expressed concerns about travelling on minor issues and challenges in international trade. Specifically, viewing and buying rough diamonds abroad posed difficulties, he said, adding that supply and value chain issues affected the entire industry.
“In this environment, in 2014, the World Diamond Conference was held in Delhi. It was during this event that I announced the establishment of a special notified zone for the diamond sector. This laid the foundation for realizing the dream of the Surat Diamond Bourse,” Modi said.
“Today, Surat Diamond Bourse stands as a major centre for international trade. Whether it’s rough diamonds, polished diamonds, lab grown diamonds, or ready made jewellery, every type of business is now possible under one roof,” he said. “Surat Diamond Bourse is a one-stop centre for workers, artisans, and businessmen alike. Here, there are facilities for international banking and secure vaults. Surat’s diamond industry already provides employment to over eight lakh people. Now, with Surat Diamond Bourse coming up, there is going to be further employment generation for more than 1.5 lakh companions.”
Modi highlighted the challenges and opportunities faced by the country’s diamond and gems sector. While the country is leading in diamond jewellery exports, in the overall gems and jewellery sector, India’s share is only about 3 percent of the world’s total exports.
“If Surat takes the lead, we can soon see double-digit growth in gems and jewellery exports. I assure you that the government is with you in every effort you make,” he said, adding that the government is focused on promoting the export of this sector as a designated area.
This includes encouraging patented designs, diversifying export products, collaborating with other countries for better technology, and promoting lab-grown or green diamonds. A special budgetary provision has been made to encourage green diamonds, Modi said.
“You should make the most of all these efforts. The overall global feeling you experience today, as you travel around the world, is in favour of India. India’s reputation is high worldwide. Made in India has become a strong brand. This is a significant advantage for your business and the jewellery industry,” he said. “Therefore, I urge all of you to make a resolution and achieve it.”
