Budget

IIT Madras to receive Rs.242 cr under Budget 2023’s boost for research on lab grown diamonds

The research will be focused on driving the indigenization of the LGD manufacturing process

February 3, 2023

The research will be focused on driving indigenization of the LGD manufacturing process

The LGD is a technology and innovation-driven emerging sector with high employment potential: Nirmala Sitharaman

The Indian Institute of Technology, Madras (IIT-M) said that it will receive Rs.242 crore as a research grant for the research and development of lab grown diamonds (LGDs). The research will be focused on driving the indigenization of the LGD manufacturing process.

Presenting the Budget 2023-24 in the Parliament on Wednesday, Finance Minister Nirmala Sitharaman, said: “The LGD is a technology and innovation-driven emerging sector with high employment potential.”

“These environment-friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years,” the Finance Minister added.

As per a recommendation made by the Department of Commerce, the research grant of Rs.242 crore over a period of five years to IIT-M has been approved, the statement said.

“This is indeed the right time to set up a diamond factory in India, given that diamonds have thermal and electrical properties making them superior to contemporary technologies like silicon, silicon carbide, and gallium nitride. IIT-Madras will work towards producing diamond wafers suitable for electronic applications,” Prof. V Kamakoti, Director of IIT-M, said.

[With Inputs from IANS]

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