Prime Minister Narendra Modi on Sunday said that India will be among the world’s top three economies in his third term as the prime minister of the country. He said this after inaugurating the Surat Diamond Bourse (SDB) which is hailed as the world’s largest office annexe spanning over 67 lakh square feet of floor space. He said SDB showcases the abilities of Indian designs, designers, materials and concepts and it is a symbol of “new India’s capabilities and resolutions”.

“Surat has contributed significantly to Gujarat and the country, but in my opinion, it has even greater potential. According to me, this is just the beginning, and we need to move forward. As you all know, in the last 10 years, India has risen above the tenth position in global economic strength and is now ranked fifth in the world. Now, your Prime Minister Modi guarantees that in his third innings, India will definitely be among the top three economies in the world,” he said.

Modi assumed office in 2014 and secured a second term after the BJP-led alliance’s victory in the 2019 elections. With the upcoming Lok Sabha elections next year, Modi is eyeing re-election.

“The government has also set targets for the next 25 years—whether it’s a $5 trillion or $10 trillion goal, we are working towards all of them. We are also working on taking the country’s exports to record heights. In this regard, the responsibility of Surat, especially its diamond industry, has increased manifold. All the industry leaders of Surat are present here, and the city should decide how it can contribute to the country’s growing exports,” he said.

The newly constructed SDB, located in Khajod village near Surat city, spread in a sprawling 35.54 acres and built at ₹3,400 crore, is positioned to be a global centre for rough and polished diamond trading. Surat’s diamond industry, currently generating a business of 2 lakh crores, is anticipated to double to 4 lakh crores with the realisation of the Diamond Bourse.

The extensive 65 lakh sq. ft. Bourse features a spacious entrance, reception area, security surveillance and control room, trading hall, self-deposit vault, museum, food zone, bank, customs office, amphitheatre, money transfer desk, travel desk, retail zone, and auction facilities. The Bourse comprises a total of 9 towers with a ground floor, 15 additional floors, and 2 basements.

“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 look pale before the shine of this diamond. Whenever one talks about this diamond bourse in the world, Surat and India will be mentioned,” the PM said.

Surat stands as the worldwide hub for diamond production, with 8 out of 10 diamonds globally cut, polished, and processed in the city. Gujarat contributes to 80% of India’s total diamond exports, and 90% of Gujarat’s diamonds undergo cutting and polishing in Surat.

“These days, you must be hearing a lot about the discussion regarding Modi’s guarantee. In recent days, with the election results, this discussion has gained even more momentum. However, the people of Surat have known Modi’s guarantee for a long time. The hardworking people here have witnessed Modi’s guarantee transforming into reality. An example of this guarantee is the Surat Diamond Bourse,” he said.

The Prime Minister in his speech recalled that years ago, members of the diamond business community, including craftsmen and entrepreneurs, expressed concerns about travel distances for minor issues and challenges in international trade. Specifically, viewing and buying rough diamonds abroad posed difficulties, he said adding that supply and value chain issues affected the entire industry.

“In this environment, in 2014, the World Diamond Conference was held in Delhi. It was during this event that I announced the establishment of a Special Notified Zone for the diamond sector. This laid the foundation for realising the dream of the Surat Diamond Bourse. We also made amendments to the law. Now, today, Surat Diamond Bourse stands as a major centre for international trade. Whether it’s rough diamonds, polished diamonds, lab-grown diamonds, or ready-made jewelry, every type of business is now possible under one roof. Surat Diamond Bourse is a one-stop centre for workers, artisans, and businessmen alike. Here, there are facilities for international banking and secure vaults. For retail jewelry business, there is a jewelry mall here. Surat’s diamond industry already provides employment to over 8 lakh people. Now, with Surat Diamond Bourse coming up there is going to be further employment generation for more than 1.5 lakh companions,” said Modi.

Modi highlighted the challenges and opportunities faced by the country’s diamond and gems sector. He said while the country is already leading in diamond jewelry exports, be it in cut diamonds, silver or lab-grown diamonds, in the overall gems and jewelry sector India’s share is only about three per cent of the world’s total exports.

“If Surat takes the lead, we can soon see double-digit growth in gems and jewelry exports. I assure you that the government is with you in every effort you make,” he said adding that the government is already focused on promoting the export of this sector as a designated area. This includes encouraging patented designs, diversifying export products, collaborating with other countries for better technology, and promoting lab-grown or green diamonds. A special budgetary provision has been made to encourage green diamonds, PM Modi said.

“You should make the most of all these efforts. The overall global feeling you experience today, as you travel around the world, is in favor of India. India’s reputation is high worldwide. “Made in India” has become a strong brand. This is a significant advantage for your business and the jewelry industry. Therefore, I urge all of you to make a resolution and achieve it,” he said.

Additionally, the Prime Minister unveiled the new terminal at Surat Airport, an international airport project with a total cost of ₹353 crore. This terminal, designed with a blend of heritage aesthetics and sustainability features, is aimed at facilitating seamless trade and travel, according to a press release.