ENA State 2019-03-06 06:37:28 <p><span style="font-size:12px"><span style="font-family:Arial,Helvetica,sans-serif"><strong>Mumbai, Mar 6 (KNN)</strong> The gems and jewellery sector will be the biggest contributor to the States 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. </span></span></p> <p><span style="font-size:12px"><span style="font-family:Arial,Helvetica,sans-serif">He also said that this Park will generate over 1 lakh jobs in the business of gems and jewellery.</span></span></p> <p><span style="font-size:12px"><span style="font-family:Arial,Helvetica,sans-serif">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. </span></span></p> <p><span style="font-size:12px"><span style="font-family:Arial,Helvetica,sans-serif">He said Mumbai currently accounts for 69% of the countrys exports of gems and jewellery.</span></span></p> <p><span style="font-size:12px"><span style="font-family:Arial,Helvetica,sans-serif">Union Minister of Commerce &amp; Industry and Civil Aviation Suresh Prabhu said the Indian jewellery industry plays an important role in the economy of the country. </span></span></p> <p><span style="font-size:12px"><span style="font-family:Arial,Helvetica,sans-serif">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. </span></span></p> <p><span style="font-size:12px"><span style="font-family:Arial,Helvetica,sans-serif">The minister expressed confidence that the industry will achieve the annual export target of $75 billion by 2025, from the current $42 billion.</span></span></p> <p><span style="font-size:12px"><span style="font-family:Arial,Helvetica,sans-serif">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. </span></span></p> <p><span style="font-size:12px"><span style="font-family:Arial,Helvetica,sans-serif">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. <em><strong>(KNN/JM)</strong></em></span></span></p> 22193 https://knnindia.co.in/news/newsdetails/state/gems-jewellery-sector-to-be-biggest-contributor-in-making-mumbai-a-trillion-dollar-economy-fadnavis 2019-03-06 06:37:28 knnindia.co.in