India set to grow via Gujarat: Modi

Modi says Gujarat has emerged as the most preferred investment destination, reports Lalatendu Mishra.

india Updated: Jan 24, 2007 23:37 IST

Gujarat Chief Minister Narendra Modi on Wednesday asserted that global investors have reposed confidence in Gujarat by committing billions of dollars of investment.

Encouraged by the success of the recently concluded Vibrant Gujarat Global Investors’ Summit 2007, Modi said Gujarat has emerged as the preferred investment destination in the whole of India.

"The new investment era in Gujarat has arrived. We have shown what proactive, pro-people good governance is. We want the economic growth of India through Gujarat that has already surpassed the planning commission’s 10.2 per cent target," Modi said at a media briefing in Mumbai.

At the the two-day summit, 363 memoranda of understanding were signed, indicating an investment of Rs 4,61,835 crore ($100 billion) by both Indian big corporate houses and multinational corporations.

"Going by past records, I am confident that 80 per cent of this will materialise. Unlike other states, we had not offered any incentives and everybody seemed keen on investing here across all sectors. The whole world is looking at investing in India, and Gujarat has become the gateway," Modi said.

He said the zero labour unrest in Gujarat was main factor behind attracting foreign investors. He also admitted that a large number of Gujaratis staying abroad acted as catalysts in convincing major foreign investors to put their money in Gujarat.

Modi said that port development and energy sectors being the future growth areas, the longest 1,600-km Gujarat coastline and special economic zones (SEZs) will drive growth of Gujarat and finally India. "There is no SEZ controversy in Gujarat and many foreign companies will operate from SEZs."

First Published: Jan 24, 2007 23:37 IST