Indian Prime Minister Narendra Modi claims that the South Asian country will be among the top three economies worldwide following the inauguration of the Surat Diamond Bourse (SDB).
Modi's remarks on Sunday added that the SDB is the "symbol of strength and determination of new India." The prime minister said that there was a lot that was being discussed regarding "Modi's guarantee" in the past few days.
Narendra Modi Inaugurates Diamond Bourse
He noted that the people of Surat have known about Modi's guarantees for a long time now. He said that the hardworking people of the region have seen them turn into reality, referencing the SDB as a prime example of such a case.
The diamond bourse is expected to be a global center for trading in both rough and polished diamonds as well as jewelry. It seeks to show the capabilities of Indian design, designers, materials, and concepts.
The development comes as India has already become the fifth largest economic power in the world, rising from 10th position in the last 10 years. Modi said that he guarantees that in his third term, this would continue so that the South Asian country reaches at least third place, as per the Times of India.
The Indian government also has plans set for the next two and half decades as Modi said that they are working on becoming a $5-10 trillion economy as well as taking exports to a record high.
The SDB complex's nine towers have a 6,728,604 square feet area and it is located in Khajod village near Surat city. It is viewed as being larger than the United States' Pentagon. The complex spread over 35 acres of land and developed with a total cost of roughly $410 million.
While traveling from the Surat airport to the SDB, Modi was greeted by thousands of supporters who gathered on both sides of the road. The prime minister addressed the crowd and said that the Surat diamond industry was providing work to roughly 800,000 people. Modi noted that with the addition of the SDB, another 150,000 jobs will be created.
Becoming Among the Top 3 Economies Worldwide
The SDB's terminal is designed with a combination of heritage aesthetics and sustainability features and is aimed at facilitating seamless trade and travel. Modi said that while Surat has greatly contributed to Gujarat and the country as a whole, it has even more potential, according to the Hindustan Times.
Modi's promises come as he first assumed office in 2014 and later secured a second term after the Bharatiya Janata Party (BJP) led its alliance to victory in 2019. Furthermore, the National Democratic Alliance will be seeking a third term in the Lok Sabha elections next year.
The Indian prime minister said that the SDB would become a "one-stop shop" for artisans and businessmen. Surat cuts and polishes roughly 90% of the world's rough diamonds and the SDB will support the region's ambition to become the world's diamond capital.
The inauguration of the SDB comes as Surat's diamond industry is struggling against a slowdown in global demand for polished diamonds. The country's polished diamond experts from April to October fell by 29% to $10 billion, said Reuters.
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