In an appeal for India as the premier investment destination, Prime Minister Narendra Modi emphasised the country's extraordinary resilience amid global uncertainties. He asserted that India has emerged as a beacon of hope, gaining trust worldwide as a steadfast ally, a symbol of stability, and a powerhouse for global economic growth.
The inauguration of the 10th Vibrant Gujarat Global Summit (VGGS) 2024 by Modi marked a pivotal moment in the biennial investment and business networking event held at Gandhinagar's Mahatma Mandir. During the summit, prominent business conglomerates disclosed ambitious investment plans in the state, with a significant focus on projects related to green energy and semi-conductors.
The event themed ‘Gateway to Future’, which has earned the moniker of ‘Davos of the East,’ was graced by UAE President Sheikh Mohamed bin Zayed Al Nahyan as the chief guest. “The UAE firmly believes in the power of building bridges of cooperation to promote economic growth, and fostering international collaboration to address global challenges and help achieve stability and prosperity for all,” he said.
Modi attributed the rapid advancement of India-UAE relations to his efforts and expressed gratitude for the encouraging remarks. Highlighting his government's achievements that have bolstered India's global economic influence, the Prime Minister also pledged to ensure that the country ascends to the top three economies worldwide in the coming years. “Several rating agencies have predicted that India will be among the top three economies of the world. Those who want to analyse can do so, but it's my guarantee (that we will achieve this),” he said, amid a roar of applause from 15,000-capacity convention hall. Harping on India’s demographic dividend, Modi assured the business fraternity that they will reap “unimaginable” results by partnering with the aspirational young generation.
Global leaders pledge major investments
During the 10th edition of the Vibrant Gujarat Global Summit (VGGS), numerous prominent global business and industry leaders pledged substantial investments in the state. Notably, domestic giants such as the Adani Group, Reliance Industries Limited, Tata Group, and ArcelorMittal Group disclosed significant investment and expansion initiatives across existing and emerging sectors in Gujarat. The event also garnered attention from international investors.
Adani Group chairman Gautam Adani committed to investing Rs 2 lakh crore in Gujarat over the next five years to create about 1 lakh jobs. “Today, I commit to further investments. We are constructing the world’s largest green energy park at Khavda in Kutch, generating 30 GW of renewable energy over 725 sq km, visible from space. We are expanding the green supply chain for an ‘Atmanirbhar Bharat’ and creating the largest integrated renewable energy ecosystem,” he said.
On the other hand, Reliance Industries Limited (RIL) chairman and managing director Mukesh Ambani praised the PM’s vision and made five commitments, including enabling Gujarat to meet half of its energy needs through renewable sources by 2030 by setting up the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar.
ArcelorMittal executive chairman Lakshmi Mittal said the company will build the world’s single biggest steel manufacturing facility with a capacity of 24 million tonnes per annum at Hazira by 2029. In a major boost to the automobile sector, Toshihiro Suzuki, president, Suzuki Motor Corporation said that Maruti Suzuki India Limited will invest Rs 35,000 crore to set up a new car manufacturing plant with a 10 lakh units per annum capacity in Gujarat, which will start operations in FY 2028-29. “We will also expand the existing plant capacity to 10 lakh units per annum,” Suzuki said.
Sanjay Mehrotra, CEO of Micron Technology, thanked state and central governments for their support in helping establish a world class memory assembly and test facility in Gujarat.
“The first phase covering an area of 5,00,000 sq ft will be operational by early 2025, thereby creating 5,000 direct jobs and 15,000 additional community jobs. The combined investment by Micron and government over both phases could reach $2.75 billion.”
Even Tata Group hinted at a possible investment in the semiconductor sector. “Tata Group is on the verge of announcing a huge semiconductor fab in Dholera. We are about to complete these negotiations and start in 2024,” said N Chandrasekaran, chairman, Tata Sons Limited. He also elaborated on the group’s expansion plan in Gujarat in the area of EV, battery production, C295 defence aircraft and semiconductor fab, and advance manufacturing skill building.
Jeffery Chun, CEO, Simmtech, from South Korea, said the company is ready to make a co-location investment in India to support Micron Technology’s operations in Gujarat. “This will make India’s presence in the semiconductor supply chain network much stronger and enable India’s local player to be part of the global supply chain ecosystem,” Chun said.
VGGS 2024 attracts MoUs worth ₹26.3L crore
The Vibrant Gujarat Global Summit (VGGS) 2024 culminated at Gandhinagar with one of the highest single event memorandum of understanding (MoU) value of Rs 26.3 lakh crore. However, the state government said that from VGGS 2019 to VGGS 2024, the state has attracted investment promise or intent for Rs 45.2 lakh crore, the highest ever for an event.
Expressing confidence, Union Home Minister Amit Shah asserted that Gujarat serves as the gateway to a developed India. He delivered this statement during the concluding session of the Vibrant Gujarat Global Summit (VGGS) 2024, attended by a diverse group of union and state ministers, as well as industry leaders.
“Vibrant Gujarat has given a platform to ideas and innovations and worked to bring in investments. This has helped Gujarat and the economy of the entire country,” he said. “Today, the country has become confident that the gateway to Viksit Bharat (developed India) is passing through our Gujarat. And it is our duty to maintain this trust.”
