In a significant development, Prime Minister Narendra Modi inaugurated the Surat Diamond Bourse, touted as the world’s largest office complex for the diamond trade, along with a new terminal at Surat airport. These ventures, collectively spanning over 6.7 million sq ft of floor space, symbolize the capabilities and resolutions of “new India.”
The Surat Diamond Bourse, located in Khajod village near Surat city, is a colossal project constructed at a cost of ₹3,400 crore over 35.54 acres. With nine tower blocks housing various amenities, including trading halls, vaults, banks, customs offices, and auction facilities, the bourse aims to be a global hub for rough and polished diamond trading.
During the inauguration, Prime Minister Modi expressed his vision for India, stating that in his third term, the country would secure a position among the top three global economies. This declaration comes on the heels of India’s remarkable climb in economic strength over the past decade, moving from the 10th to the 5th position worldwide.
Modi emphasized the government’s commitment to setting economic goals, aiming for either a $5 trillion or $10 trillion target in the next 25 years. He also highlighted the importance of boosting the country’s exports, with a particular focus on Surat’s diamond industry, which currently generates ₹2 lakh crore in revenues and is projected to double to ₹4 lakh crore.
The new airport terminal at Surat, built at a cost of ₹353 crore, adds to the city’s infrastructure with a design blending heritage aesthetics and sustainability features. This terminal aims to facilitate seamless trade and travel, aligning with the government’s broader efforts to enhance connectivity and economic growth.
Surat, renowned globally as a hub for diamond production, plays a pivotal role in India’s diamond exports, contributing to 80% of the country’s total. Modi encouraged industry leaders in Surat to consider how the city could further contribute to the nation’s growing exports, urging them to leverage the new facilities and opportunities provided by the Surat Diamond Bourse.
The Prime Minister also reflected on the journey that led to the establishment of the Surat Diamond Bourse, citing challenges faced by the diamond business community in international trade. He highlighted the transformative impact of his guarantee, previously made during the World Diamond Conference in 2014, which laid the foundation for realizing the dream of the Surat Diamond Bourse.
Modi emphasized the potential for Surat to lead in the gems and jewellery sector, encouraging the industry to focus on patented designs, diversifying export products, collaborating for better technology, and promoting lab-grown or green diamonds. He assured the government’s support, emphasizing the global advantage of “Made in India” as a strong brand.
In conclusion, the inauguration of the Surat Diamond Bourse and the new airport terminal marks a significant milestone in India’s economic journey. Modi’s ambitious vision for India’s global economic standing and the strategic investments in Surat’s infrastructure underscore the government’s commitment to fostering growth and prosperity.