Vibrant Gujarat Summit 2024: MoUs for investment worth ₹26.33 lakh crore signed

At the valedictory function of the 10th edition of the business meet, Union home minister Amit Shah said that India is the most “preferred destination for production and investment”

Ahmedabad: The country is today confident that the gateway to a developed India passes through Gujarat, and it is our responsibility to maintain this trust, Union home minister Amit Shah said, as the three-day Vibrant Gujarat Global Summit that attracted investment proposals worth Rs.26.33 lakh crore concluded on Friday.

The Vibrant Gujarat Summit 2024 concluded on Friday in Ahmedabad (Twitter/@sanghaviharsh)

At the valedictory function of the 10th edition of the business meet, Shah said that India is the most “preferred destination for production and investment” and that many new beginnings were made through structural reforms initiated by Prime Minister Narendra Modi.

“The result of the beginning made from Gandhinagar in 2003 made India the fifth largest economy. Today, with this event, a new beginning is being made to realise the sankalp (promise) of a developed India before 2047,” he said.

“Today, the entire country has become confident that the gateway to developed India is passing through our Gujarat. And it is our responsibility to maintain this trust,” he added.

The Union minister said that the summit served as a platform for ideas and innovations and worked to bring investment on the ground. “This has not only helped Gujarat but the economy of the entire country. The model of Vibrant Gujarat has been accepted by many states and they have adopted the same model of industrial development,” he said.

The 10th edition of the summit, aimed at fostering investments, business collaborations and strategic partnerships, was attended by the United Arab Emirates President Mohamed bin Zayed Al Nahyan, Mozambique President Filipe Jacinto Nyusi, Timor-Leste President Jose Ramos Horta, Czech Republic Prime Minister Petr Fiala, and heads of top Indian and foreign companies. The theme for this year’s event was “Gateway to the Future”.

India is the most “preferred destination for production and investment” and within the country, it is Gujarat, Shah said. The structural reforms initiated by Modi “have helped India perform and transform”, he said.

“We will realise the imagination of a self-confident, self-reliant India that Modi ji has presented before us,” he added.

Shah said that some 10 years ago, India was among the ‘fragile five’ economies, while it is among the top five today. “On the global front, we were considered a dark spot. Today, we are a vibrant spot. The country has covered a journey from a silent prime minister to a visionary and vibrant prime minister,” he said, as he took a swipe at the previous UPA government led by Manmohan Singh.

In a post on X, chief minister Bhupendra Patel said Memorandums of Understanding (MoUs) for 41,299 projects with investment proposals worth ₹26.33 lakh crore were signed during the business meet.

“Under the guidance of Honorable Prime Minister Shri Narendra Modi, Vibrant Gujarat Global Summit 2024 has created a new record,” he said.

“In the Vibrant Summit postponed due to the coronavirus epidemic in the year 2022, MoUs worth ₹18.87 lakh crore for 57, 241 projects were signed. In the 10th edition of Vibrant Summit held in January 2024, MoUs for 41,299 projects have been signed attracting investments worth ₹26.33 lakh crore,” he added.

Gujarat has achieved a historic feat of signing MoUs for investment of more than ₹45 lakh crore for a total of 98,540 projects, the chief minister said.

The summit will help realise the Prime Minister’s dream to achieve “Developed India @2047” through MoUs signed in emerging sectors such as semiconductors, e-mobility, green hydrogen and renewable energy, he said.

Addressing reporters, Gujarat Industrial Development Corporation managing director Rahul Gupta said nearly half of the investments that were attracted were in the green sector.

“Twenty years ago, when our most respected Prime Minister, who was then the chief minister of Gujarat, held the first Vibrant Gujarat summit, several international investors were sceptical about the kind of facilitation and support they would receive in Gujarat. Since then, the summit has come a long way and over the last 20 years, thanks to these summits and the support of the state government to industries, Gujarat has cemented its position as India’s growth engine,” said Sudhir Mehta, Chairman Emeritus, Torrent Group.

The group has signed four MoUs worth ₹47,350 crore.

Pankaj Patel, chairman of Zydus Group, said the summit has created a new paradigm by focusing on technology. “The idea of creating India’s first pharmaceutical SEZ took shape in the first edition of Vibrant Gujarat when the Zydus group signed an MoU to set one up at Matoda near Ahmedabad. In this edition of the summit, Zydus has signed MoUs with investments worth ₹5,000 crores for projects which include biotechnology-based product manufacturing, medical devices for hospitals and healthcare sector,” Patel said.

B K Goenka, chairman of Welspun Group, said the group will invest ₹40,000 crore to set up a green hydrogen and green ammonia ecosystem in Gujarat.

(With agency inputs)