Ahmedabad, Jan 12
The Vibrant Gujarat Global Investors Summit got off on a high note
Friday with big industrial houses and corporates inking 104
memorandums of understanding envisaging a total investment of Rs.2.5
trillion ($56.4 billion), exceeding the Gujarat government's
expectations. More agreements are to be announced Saturday.
Of the total MoUs, 26 were signed in the Special Economic Zone (SEZ)
segment with investments worth Rs.1.4 trillion ($31.5 billion) and
another 26 in chemicals and petrochemicals for a total investment of
Rs.144 billion.
The other major sector was power in which 11 MoUs were inked for
projects worth Rs.551 billion. In the ports sector, 19 MoUs were
signed for investments worth Rs.104.74 billion. The other sectors
were oil and gas, rail transport, urban development and others. The
total investments mentioned in the MoUs are expected to generate
direct employment for 655,450 people.
Those who announced investments were Reliance Industries, Aditya
Birla group, the Essar group, Torrent group, the Adani Power
Limited, Petronet LNG, Sanghi Industries, Zydus Cadila, and Cadila
Pharmaceuticals, Welsun group, Sanghi Industries Hyderabad, BPCL,
and Dishman Pharmaceuticals, Ahmedabad.
Of the total investments announced, Reliance Industries alone would
account for Rs.670 billion, of which Rs.350 billion would be in SEZ
in Jamnagar, petrochemical complex, coal-lignite based gasification
projects, city gas distribution and project for laying pipeline for
bringing gas from the Krishna Godavari basin to Gujarat.
Speakers at the meet unanimously praised state Chief Minister
Narendra Modi for providing a dynamic leadership and declared they
were happy to partner Gujarat in moving forward in economic growth
and social development. The two-day event is being held at the
Science City complex here.
Ratan Tata, scion of the Tata Group, who spoke briefly did not
commit any investment immediately but said his group was setting up
a big power project in the state. Praising the state for the big
progress made on the economic front, he said Gujarat had a
government that "works". He indicated that his group would now look
to participate in projects in areas like IT, tourism as well as in
manufacturing.
Chairman of Reliance Industries, Mukesh Ambani, and ICICI bank
chairman K.V. Kamath congratulated the chief minister for his
achievements on the economic front in the last five years with
fiscal discipline. Ambani said Gujarat was the first state which was
revenue plus as well as rich without any worry on the fiscal front.
Ambani said the progress achieved by the state was not skewed as
Gujarat has achieved much success in agriculture besides ensuring a
competitive small-scale industry. He hoped that Gujarat under Modi
would continue to march ahead and lead India with vibrancy.
Kamath said the good fiscal management of Gujarat alone would spur a
lot of investment into the state. He noted that Gujarat's progress
was exemplary having garnered 25 percent of all the investments made
in India.
Kamath announced that his bank was opening a business hub in
Gandhinagar spread over an area of three million square feet which
will provide direct employment to 25,000 people and indirect
employment to many.
The Singapore Minister of Foreign Affairs Balaji Sadavisan, who was
the chief guest, said the passionate call to Singapore business to
invest in Gujarat has generated a lot of interest in his country.
Listing the participation of few Singapore companies in
infrastructure projects of the state, he said there is untapped
potential that could be tapped for mutual benefit.
Modi in his speech dwelt at length on the strengths of Gujarat and
urged them to invest in the state's progress. Gujarat was not only
bagging the highest percentage of investments but was also leading
in India in terms of project implementation. There is a feeling
among those who have not been part of the economic march of Gujarat
that they have missed out something. "To them, my advice is do not
miss the luxury bus to Gujarat," he said.
The chief minister said by inviting investments he was not promising
the moon. "But we promise you the platform where you get better moon
light." The state was rationalizing its taxation and regulatory
regimes, dismantling the barriers and encouraging private
participation.
Modi said Gujarat will complete 50 years as a separate state in
2010. His vision and dream was to make the state known as "golden
Gujarat" when it celebrates the important milestone. It would mark
the beginning of an era when Gujarat would stand proudly on par with
developed economies.
In Golden Gujarat, the physical infrastructure would be as good as
that of Singapore and Japan, social infrastructure as in Europe and
Australia, a manufacturing sector as robust as in China and a
services sector as efficient as in USA.
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