Budget 2023: IITs to receive research grants for lab grown diamonds

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

Abhishek Sahu

February 01, 2023 / 12:33 IST

Budget 2023: Finance minister Nirmala Sitharaman announced that states would be encouraged to set up libraries for children at panchayat and ward levels.

Finance Minister Nirmala Sitharaman in her Union Budget speech on February 1 announced that a research grant will be provided to one of the IITs for five years to encourage the indigenous production of lab-grown diamonds.

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

"The grant provided to IIT for lab-grown diamonds is a positive. The segment has seen a steep 54 percent growth in exports on-year, and accounted for 5 percent of total diamond exports YTD23," CRISIL said in a statement.

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Abhishek Sahu covers HR and Careers at Moneycontrol.

first published: Feb 1, 2023 12:33 pm

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