"The India Jewellery Park, the first-of-its-kind in the country, will transform the jewellery industry not only in Maharashtra but also across the country," he said, adding the park is slated to generate 1 lakh new jobs
Suresh Prabhu
Commerce and industry minister Suresh Prabhu Tuesday expressed hope that export of gems & jewellery will cross the USD 75-billion-mark by 2025. The jewellery industry plays an important role in the economy, accounting for 7 percent of GDP, 14 percent of merchandise exports, and offers 5 million direct employments, the minister said. "To enable this industry to innovate and cater to the global market, it is essential to provide a suitable ecosystem," Prabhu said while speaking at the foundation stone laying ceremony of India Jewellery Park in the nearby New Mumbai and expressed the hope that the upcoming park will play a key role in achieving the target.
ADVERTISEMENT
This is the maiden such park in the country. Most of the jewellery exports are processed rough diamonds imported from elsewhere. On the jewellery side, he said, despite every village having a jeweller and the domestic trade flourishing, our exports are not as much as required. "So, we want to promote exports and to do that we are working on a strategy on how each country can be targeted and work on it," he said adding one of the focus countries is Russia from where we have invited industry delegations. He also said we want to import huge quantities of rough diamonds from Russia, process it and export it back.
The minister also expressed confidence that industry will achieve cross USD 75-billion export mark by 2025 from the current USD 42 billion. Maharashtra chief minister Devendra Fadnavis said Mumbai exports the largest quantity of gems & jewellery accounting for USD 28.32 billion or 69 percent of the total outward shipments. "The India Jewellery Park, the first-of-its-kind in the country, will transform the jewellery industry not only in Maharashtra but also across the country," he said, adding the park is slated to generate 1 lakh new jobs.
The park will be an integrated industrial park with all facilities under one roof with manufacturing units, commercial areas, residences for industrial workers, and commercial support services and Fadnavis promised to give a single-window clearance system at the park. The park, being built by the Gem & Jewellery Export Promotion Council as a special purpose vehicle,at an investment of Rs 14,467 crore which include the cost of the land and buildings and is projected to generate an annual turnover of Rs 41,467.50 crore, lion's share of which will come from exports.
Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
