Maharashtra Targets USD 1 Trillion Economy by 2030, Gems & Jewellery Industry Key - Fadnavis

Mumbai, Jan 5 (PTI) The growing gems and jewellery industry will help Maharashtra reach its target of becoming a USD 1 trillion economy by 2030, state deputy chief minister Devendra Fadnavis said on Friday.

"The Gems and jewellery belong to Mumbai, and the city accounts for 72 per cent of the USD 37 billion annual exports. The Prime Minister has set a target of USD 75 billion for gem and jewellery exports by 2030.

"This will be possible with the help of GJEPC instrumental in facilitating exports and making India one of the biggest international players," Fadnavis said while addressing India International Jewellery Show (IIJS) 2024 and the India Gem and Jewellery Machinery Expo (IGJME).

The state government is providing the industry with hassle-free shipment, paperwork and ease of doing business, he said.

"Soon, we shall have the new India Gems and Jewellery Park, a state government and industry collaboration, which will create a new ecosystem in the industry, and this will help us achieve our export targets," he added.

Gem Jewellery Export Promotion Council (GJEPC) chairman Vipul Shah said the 'Jewellery Park' coming up in Navi Mumbai with the support of the Maharashtra government will help the sector to attract foreign investments.

"The Jewellery Park brings with it several government-backed advantages. It's a one-stop shop with single window clearance for government approvals under the Maitri Policy, making processes smoother and faster. Additionally, the state government has offered relief in power tariffs and electricity charges, among other benefits. These initiatives will help in attracting foreign investments," Shah added.

The 16th edition of GJEPC's IIJS Signature 2024, which began on Thursday, is expected to have over 32,000 visitors (including international buyers) from 800 Indian cities and 60 countries and over 1,500 exhibitors occupying 3,000 stalls.