$100-bn bait: Modi tells states to compete
Prime Minister Narendra Modi said on Thursday foreign investment worth $100 billion is knocking at India’s doors, as top industrialists promised to pour in big bucks in Madhya Pradesh to help boost India’s fastest growing state. Modi was speaking at the Global Investors’ Summit at Indore.business Updated: Oct 10, 2014 07:26 IST
Prime Minister Narendra Modi said on Thursday foreign investment worth $100 billion is knocking at India’s doors, as top industrialists promised to pour in big bucks in Madhya Pradesh to help boost India’s fastest growing state. Modi was speaking at the Global Investors’ Summit at Indore.
“Investments worth $100 billion from abroad have applied for visa,” he said. “Now it is the turn of the states to capitalise on the opportunity. The roads are wide open.
The states which are ready can walk away with major share.”
Indian industry promised investments worth nearly Rs 100,000 crore for the state.
The bulk of these investments were pledged by ADAG, Reliance Industries, Adani Group and Suzlon. The four companies have pledged investments of Rs 85,000 crore in the state over the next 4-5 years. The amount easily overshadow Rs 11,500 crore pledged for Maharashtra at a similar summit last month, but is no match to the Vibrant Gujarat Summit in 2013, where investments worth Rs 40 lakh crore were promised.
“So far we have invested Rs 30,000 crore in the state in four key areas — coal, power, cement and telecom,” said Anil Ambani, chairman, Reliance ADAG. “We are committing ourselves to double our investments in the state to Rs 60,000 crore by 2020.”
Elder brother Mukesh Ambani, chairman, Reliance Industries, also pledged to double investments. The company would invest nearly Rs 20,000 crore while Adani Group would also pump in a similar amount in the next five years.
“In 10 months from now, you can look forward to MP being the digital capital. Digitisation is a prerequisite and will also create more jobs,” Mukesh Ambani said.
Suzlon Energy will invest close to Rs 15,000 crore in the next five years to set up power projects of 2,000 MW. Essar group chief Shashi Ruia said his company has already invested Rs 9,000 crore, and will put in an additional Rs 4,000 crore for coal bed methane exploration.
Welspun India also committed an investment of Rs 5,000 crore in renewable power sector.