India, Oct. 8 -- With the aim of developing Maharashtra into a leading global hub for gems and jewellery, the state government on Tuesday approved a Rs.1,651-crore policy for the gems and jewellery sector, directed at attracting investments of Rs.1 lakh crore and generating half a million direct and indirect employment opportunities in the next five years.

The policy envisages incentives, concessions, a power tariff subsidy, cluster redevelopment support, 24x7 operations, mixed use development and additional FSI for gems and jewellery parks among other measures to attract investment in the sector that currently contributes a substantial 7.5% to the state's Gross Domestic Product (GDP). Other perks include interest subsidies, investment-l...