Gems & jewellery sector to be biggest contributor in making Mumbai a trillion dollar economy: Fadnavis

Mumbai, Mar 6 (KNN) The gems and jewellery sector will be the biggest contributor to the State’s journey towards becoming a trillion dollar economy by 2025, said Chief Minister of Maharashtra, Devendra Fadnavis, at the foundation stone-laying ceremony of the proposed India Jewellery Park here.

He also said that this Park will generate over 1 lakh jobs in the business of gems and jewellery.

“The jewellery park will have a single-window system for all permissions. Export revenue will contribute to the GDP of the State and will make it a trillion dollar sub-national economy,” Fadnavis said.

He said Mumbai currently accounts for 69% of the country’s exports of gems and jewellery.

Union Minister of Commerce & Industry and Civil Aviation Suresh Prabhu said the Indian jewellery industry plays an important role in the economy of the country.

“It accounts for 7% GDP and 14% of merchandise exports and has [a direct workforce of five million]. To enable it to innovate and cater to the global market, it is essential to provide a suitable ecosystem,” Prabhu said.

The minister expressed confidence that the industry will achieve the annual export target of $75 billion by 2025, from the current $42 billion.

Prabhu said, "The gems and jewellery sector has alone created over 50 lakh jobs in the country. Recently, I have myself met representatives of over 184 countries to promote our expertise in gems and jewellery."

The chairman of GJEPC, Pramod Kumar Agrawal, said that that total turnover in India Jewellery Park is expected to be over Rs 41,000 crore once it is completed. GJEPC is entrusted to construct the Park as a special purpose vehicle (SPV). The Park will have manufacturing units, commercial areas, residences for industrial workers, and commercial support services. (KNN/JM)