India will become third largest economy in my 3rd term as PM, says Modi

Ahmedabad: India will be among the world’s three largest economies during his third term in office, Prime Minister Narendra Modi said on Sunday, while inaugurating the Surat Diamond Bourse.

"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 Lok Sabha elections are expected to be held in April and May 2024.

"The government has also set targets for the next 25 years. We are working on the target of becoming a $5-10 trillion economy as well as taking exports to a record high," Modi said. India is the currently the world’s fifth largest economy on a nominal basis, but is ranked in the mid-100s on per-capita basis.

The Surat diamond Bourse (SDB) – which Modi inaugurated - is reported to be the world's largest workspace spread in about 67 lakh sq ft built-up area, ahead of the Pentagon in Washington DC.

The SDB is envisioned to become a global hub of international diamond and jewelery trade in both raw and polished diamonds in Surat. The city is also known as "diamond city" for its diamond industry which processes 85 to 90% of the world's rough diamond here.

While inaugurating the complex, Modi said: "A new diamond has been added to the grandeur of Surat. It is not an ordinary diamond, but the best in the world. Surat Diamond Bourse showcases the abilities of Indian designs, designers, materials and concepts. This building is a symbol of New India’s capabilities and resolutions.”

SDB's website envisions itself as India's second diamond trading hub spread across 35.54 acres with an availability of 67 lakh sq.ft. built-up area encompassing 4,500 offices for national as well as international traders. It comprises a state-of-the-art customs clearance house, export-import, a jewellery mall for retail business and a facility for international banking and safe vaults.

Located in Khajod village on the outskirts of Surat city, the SDB has 15-storey towers. It is part of the Diamond Research and Mercantile (DREAM) City.

Recently, SDB had hit controversy after a commercial court in Surat ex-parte ordered it to pay Rs100 crore as bank guarantee to PSP Projects Limited, the firm which constructed the complex. The firm had alleged that SDB had not made final payment despite completing the construction and handing over the bourse more than a year ago.

The Gujarat high court quashed the Surat court order after SDB and PSP agreed to decide the dispute within stipulated time under the Arbitration and Conciliation Act in the commercial court.