Vibrant Gujarat Summit Attracts Whopping Rs. 10 Lakh Cr Investments on Day 1
Vibrant Gujarat Summit, which kicked off yesterday in Gandhinagar, Gujarat has already hit the high octane note of business and optimism as companies have pledged investments worth Rs 10 lakh crore in the state along with signing 15,000 business deals.
And it was just Day 1 of the event.
PM Narendra Modi, who has been spearheading this biannual mega-event since 2003, has pitched India as the ‘next big opportunity’ to global entrepreneurs and investors. Promising that Gujarat and India as a whole is now ready to take a ‘quantum leap’, he assured global businessmen and politicians: “We will be available to hold your hands whenever you need us. You will find us standing with you in your journey,”
The event is being attended by the Who’s Who of Indian corporate sector, including Ambanis, Birlas, Adanis, Ruias and other billion dollar business owners. International delegation of corporates have arrived from 11 countries, besides major political heavy weights such as US Secretary of State John Kerry and UN Secretary-General Ban Ki-Moon.
BBC has declared the event as “The summit which defines India’s optimism.”
Some of the major investments which have been pledged yesterday during the event include:
Rs 1 lakh crore from Reliance India
Chairman Mukesh Ambani said, “We will invest over a Rs 100,000 crore in next 12 to 18 months in Gujarat to contribute to the ‘Make in India’ and ‘Digital India’ initiatives. We will partner and enable 1,000 small businesses and Gujarati entrepreneurs. This partnership will create virtual cycle of prosperity for millions of Guajarati’s.”
Rs 20,000 crore from Aditya Birla Group
Kumarmangalam Birla said, “On the anvil are brownfield expansions at our cement plant in Sevagram, the VSF plants in Vilayat and Bharuch, and along with that, expansion in metal plants (among others) here. Our investments will be close to Rs 20,000 crore, as we see it” (Currently, they have invested Rs 25,000 cr in the state, providing employment to 10,000 people and churning out revenues of Rs 30,000 crore)
Rs. 24,000 Cr from Adani & SunEdison
Adani Enterprises and SunEdison have signed MoU worth Rs 24,000 crore to build Asia’s largest, vertically integrated solar photovoltaic manufacturing unit in India
Rs. 9000 Cr from IndoChin Development
IndoChin Development has committed investments worth Rs 9000 crore to develop India International Trade Center in Gujarat
Rs. 9000 Cr from UK Power plant company
Rs 9000 crore ($1.5 billion) will be invested by a UK based company to create new power plants in the state.
Rail Vikas Nigam MoU Worth Rs. 1,655 Crore
Rail Vikas Nigam has signed a MoU worth Rs 1,655-crore with Gujarat Industrial Development Board (GIDB) to develop a regional rail network for Ahmedabad.
Bharat Forge MoU worth Rs. 600 Cr.
Bharat Forge has signed a MoU worth Rs 600 crore for upgrading and maintaining defense equipment’s such as armored fighting vehicles in Dholera, Gujarat.
Some of the other investments that were pledged on the first day were:
- Welspun Group will invest Rs 7900 crore
- Sintex has pledged investments worth Rs 5500 crore
- Gujarat Government signed 35 MoUs with various companies from sectors such as chemicals, fertilizers, agro and food processing, defense manufacturing, urban infrastructure and engineering.
International delegates and politicians are in awe with the magnitude of such an event, which has never been seen or experienced in India. Although other states have been conducting their own such business and investment summits, but the pale in comparison to Vibrant Gujarat Summit.
US Secretary of State John Kerry, while speaking at the event said, “The Prime Minster has brought a particular energy… and made Gujarat synonymous with possibilities, change and energy,”
It is expected that by the time this event ends on January 13, Gujarat and India will have pledged investments worth Rs 15 lakh crore, thereby generating 2 lakh+ direct jobs.