On the first day of the Vibrant Gujarat Global Summit, over $62 billion in promised investments were made; prominent business figures attribute Modi’s vision to India’s rise to prominence in the global economy.

Leading business executives pledged investments totaling more than $62 billion (₹5 lakh crore) on the opening day of the 10th Vibrant Gujarat Global Summit. They also praised Prime Minister Narendra Modi for his vision and for instituting the framework that has turned this into an international event.

In the previous ten years, Reliance Industries Ltd. has invested over $150 billion (12 lakh crore) in building world-class assets and capacities throughout India, with at least a third of that amount going towards Gujarat alone, according to chairman Mukesh Ambani.

According to Ambani, the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar is scheduled to be put into service in the second half of the year. In addition, he said, Reliance is currently building India’s first carbon fiber facility in Hazira, Gujarat, which when finished would have a 20,000 million tonnes annual capacity. In light of India’s announcement of a candidature for the 2036 Olympics, Ambani stated that RIL and the Reliance Foundation will collaborate with other organizations in Gujarat to enhance the infrastructure for sports, education, and skills. Ahmedabad is most likely going to submit a proposal for this.

The head of the Adani group, Gautam Adani, announced that his company will invest more than ₹2 lakh crore in Gujarat, generating over 100,000 employment directly and indirectly. In Khavda, Kutch, Adani is building the largest green energy park in the world. The project will produce 30 GW of renewable energy over 725 square kilometers, and Adani said that the complex can be seen from space.

Adani and Ambani both praised Modi’s vision as well. “I am among the privileged individuals who have taken part in every Vibrant Gujarat event. I have traveled from the City of the Gateway of India to Gujarat, the Gateway of the Growth of Modern India. I’m proud to be Gujarati. A New Gujarat comes to mind when outsiders think of New India. How did this change come about? due to a single leader. The most outstanding world leader of our day is our dear leader. The most successful prime minister in Indian history, Shri Narendrabhai Modi, is who he is, Ambani added.

Adani said, addressing the Prime Minister, “It has all your hallmark signatures, merging grand ambition, massive scale, meticulous governance, and flawless execution.” It set off a national movement in which every state in the country moved forward, competing and working together to drastically alter India’s industrial landscape. The last ten years’ numbers are astounding. India’s GDP has increased by 185% and its per capita income by an astounding 165% since 2014. This accomplishment is unmatched, particularly in light of the geopolitical unrest and pandemic difficulties of this decade.

The president of Suzuki Motor Corporation, Japan, Toshihiro Suzuki, announced the construction of a brand-new manufacturing plant in Gujarat with the capacity to produce one million cars annually, as well as the extension of an existing facility close to Sanand, which can now produce one million automobiles. The two projects will get an approximate investment of ₹38,200 crore from Suzuki Motor Corp, the parent firm of Maruti Suzuki India Ltd, the largest passenger vehicle manufacturer in India.

 “The Indian automobile sector has been growing steadily over the last ten years thanks to Prime Minister Narendra Modi’s strong leadership and unwavering backing for manufacturing companies. Consequently, India has emerged as the world’s third-largest vehicle market,” Suzuki stated during his speech at the function.

Initially conceived in 2003 as the Vibrant Gujarat Summit, the conference has grown to become one of the nation’s leading platforms for economic cooperation, knowledge exchange, and strategic alliances, under the leadership of then-chief minister Shri Narendra Modi.

Sultan Ahmed bin Sulayem, Chairman of DP World, commended the Gujarati government for setting up the Summit. He gave credit to investment programmes like Gatishakti, which will enable Gujarat and India to reach their full economic potential, and he went over DP World’s ambition to invest in and build cutting-edge container terminals with a capacity of two million containers at Kandla, Gujarat.

Chairman of the ArcelorMittal Group Laxmi Mittal declared that his company would keep making investments in steel as well as in cutting-edge fields like green hydrogen and renewable energy. According to him, Arcelor Mittal signed two memorandums of understanding for their steel plant at Hazira during the Vibrant Summit. When the planned expansion is finished in 2029, the ArcelorMittal Nippon Steel India plant will rank among the largest single-location integrated steel plants in the world with a total capacity of 24 million tonnes.

The visionary leadership and philosophy of Prime Minister Modi are evident in Gujarat’s remarkable and continuous success over an extended time, according to N Chandrasekaran, chairman of Tata Sons Limited. He emphasized that Gujarat has unquestionably established itself as the doorway to the future and that economic progress has also greatly aided social development. Also, he went into detail about the group’s plans to expand in Gujarat into the fields of semiconductors, EV vehicles, battery manufacturing, and C295 defense planes. “One of the most significant locations for Tata Group is Gujarat, and we will be integral to its growth trajectory,” he declared.

In expressing gratitude to the state and federal governments for their assistance in establishing a state-of-the-art memory assembly and testing facility in Gujarat, Sanjay Mehrotra, CEO of Micron Technologies, stated that the first phase, encompassing 500,000 square feet, will be operational by early 2025, resulting in the creation of 15,000 additional community jobs and 5,000 direct jobs over the next few years. He stated, “Micron and the government could invest up to $2.75 billion combined over both phases.”

SOURCE: https://www.hindustantimes.com/india-news/vibrant-gujarat-global-summit-india-inc-backs-pm-s-push-with-pledges-101704915413491.html