India to become third largest economy in my third term, says PM Modi

India will be among the top three economies in the world in his third term, Prime Minister Narendra Modi said in Surat on Sunday after inaugurating the sprawling Surat Diamond Bourse, which he said was the “symbol of strength and determination of new India”.

Addressing a gathering on the occasion, Modi said the Surat diamond industry is giving jobs to 8 lakh people, and another 1.5 lakh jobs will be added due to the new bourse, the world’s largest and most modern centre for the international diamond and jewellery business.

The Surat Diamond Bourse (SDB) building, the world's largest office complex with more than 67 lakh square feet of floor area, is located at Khajod village near Surat city.

“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 pale before the glint of this diamond. Whenever one talks about this diamond bourse in the world, Surat and India will be mentioned,” the PM said. The Surat Diamond Bourse shows the capability of Indian design, designers, material and concept, he added.

“You all know India has risen to become the fifth biggest economic power in the world from 10th in the last 10 years. Now, Modi has given his guarantee that in his third innings, India will be among the world's top three economies,” he said. “The government has also set targets for the next 25 years. We are working on the target of becoming a USD 5-10 trillion economy as well as taking exports to a record high,” he said.

Asserting that Surat and its diamond industry have increased manifold, the PM said the city should set a target to increase its contribution to the country's exports, which is both a “challenge and an opportunity for the diamonds and gems and jewellery sector”.

India leads in the export of diamonds, including silver cut and laboratory-grown diamonds, but the country's contribution in world exports of gems and jewellery is just 3.5 per cent, the PM pointed out. “If Surat decides, then very soon we can figure in double digits in gems and jewellery exports. And I give a guarantee that the government stands with you in all your efforts,” he said.

The Centre has already selected the sector as a focus area for export promotion and is taking efforts to encourage patented design, diversification of export products, search for better technology in collaboration with other countries and encouraging lab-grown and green diamonds.

The world today is inclined towards India and the country's reputation is high and being talked about all over, he said. “Made in India has become a strong brand. Your business and jewellery sector will get benefit of this. So I urge you to take a pledge and fulfil it,” he added.

(With agency inputs)