Deputy Chief Minister Devendra Fadnavis’ announcement on Wednesday that, Maharashtra would boast one of many greatest gem and jewelry parks on the earth.

A tweet from Mr. Fadnavis says thag, the projected park in Navi Mumbai, the satellite tv for pc metropolis of Mumbai, will herald an estimated Rs 60,000 crore in funding and create 1 lakh expert and unskilled jobs.

Manufacturing and retailing of valuable stones and jewelry might be included within the park that the India Bullion and Jewellers Affiliation (IBJA) has proposed. The Minister tweeted that it’s going to ultimately cowl greater than 80 acres and that the primary section will see the event of 25 acres.

Over 50 lakh persons are employed by the gem and jewelry enterprise, which contributes about 7% to India’s GDP.

The federal government claims that this sector contributed 10% of the worth, which was essential in serving to India attain the $400 billion milestone by way of merchandise exports within the earlier fiscal yr.