: IIT Madras selected for indigenous research of labgrown diamonds machinery #FinanceIndia #StockMarketNEWS IIT Madras selected for indigenous research of lab-grown diamonds machinery New Delhi, Feb
@StockMarketNEWS Mon 27 Feb, 2023
IIT Madras selected for indigenous research of labgrown diamonds machinery #FinanceIndia #StockMarketNEWS
IIT Madras selected for indigenous research of lab-grown diamonds machinery New Delhi, Feb 23 (KNN) Central government has decided give the research project to IIT- Madras for indigenous production of lab-grown diamonds (LGD) machinery, seeds and recipe.
In Union Budget 23-24, a five-year research grant for one of the Indian Institutes of Technology (IITs) was announced.
The decision has been taken after a joint determination of its capabilities by a joint committee of Government, export promotion council and Industry representatives.
It is proposed to establish an India Centre for Lab grown Diamond (InCent-LGD) at IIT Madras with the estimated cost of Rs. 242.96 crores over 5 years.
The Gems and Jewellery sector plays a significant role in the Indian economy, contributing around 9 per cent to India’s total merchandise export. (KNN Bureau)
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