Highlights

  • FM announced a push for home-grown diamonds in Budget 2023
  • An IITian will be provided with a research grant for developing indigenous diamonds
  • The move aims to push for a special type of diamonds in India

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Budget 2023: push for making this special type of diamonds in India. Watch FM Nirmala's plan

The FM said that an IITian will be provided research funds for five years for developing home-grown diamonds.

Budget 2023: push for making this special type of diamonds in India. Watch FM Nirmala's plan

Finance Minister Sitharaman in her Budget 2023 speech announced a provision of research grant for indigenous diamonds.

She said that an IITian will be provided research funds for five years for developing home-grown diamonds.

"Lab-grown diamonds is a technology and innovation-driven energy-driven sector with high employment potential," the FM said.

Sitharaman's statement read, "The government will provide R&D grant to one of the IITs to encourage indigenous production of lab-grown diamonds in a bid to reduce imports."

She also added that customs duty on lab-grown diamonds would be reduced

Also watch: Budget 2023: 'saptarishi guide in amrit kaal' - FM Nirmala Sitharaman lists 7 priorities in 2023-24

Frequently Asked Questions

The Budget 2023 is focusing on indigenous production of lab-grown diamonds.

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