Global leaders praise Modi's vision as business tycoons announce major investments
Prime Minister Narendra Modi inaugurated the 10th edition of the Vibrant Gujarat Global Summit in Gandhinagar on January 10, marking the commencement of a three-day event that has already witnessed groundbreaking investment announcements surpassing $62 billion (₹5 lakh crore).
Leaders from 34 partner countries and delegates from over 130 nations have gathered for this landmark summit, celebrating ’20 years of Vibrant Gujarat as the Summit of Success.’ The overarching theme, ‘Gateway to the Future,’ sets the stage for discussions and collaborations that transcend borders. Notably, 20 countries, including Australia, Tanzania, Morocco, Mozambique, and others, are participating, showcasing their diverse industries, as per recent reports.
The inaugural ceremony witnessed the presence of state heads and prominent CEOs, with business tycoons like Mukesh Ambani, Gautam Adani, Maruti Suzuki’s President, and Tata Sons’s Chairman N Chandrasekaran taking centre stage to announce significant investments across various sectors in Gujarat.
Gautam Adani, Chairman of the Adani Group, made a pioneering commitment, stating that the conglomerate would invest over ₹2 lakh crore in Gujarat, generating more than 100,000 direct and indirect jobs. Adani highlighted the construction of the world’s largest green energy park in Khavda, Kutch, capable of producing 30 GW of renewable energy across 725 square kilometers. This mammoth facility is so extensive that it is visible from space.
President of Suzuki Motor Corporation, Toshihiro Suzuki, revealed Maruti Suzuki India’s plan to invest Rs 35,000 crore in setting up its second manufacturing facility in Gujarat. The aim is to ramp up the annual production capacity to over 4 million units by 2030-31. Simultaneously, the Tata Group announced its intentions to begin construction on a semiconductor fabrication plant in Gujarat this year.
Mukesh Ambani, Chairman of Reliance Industries Ltd, shared that his company has invested over $150 billion (₹12 lakh crore) in creating world-class assets and capacities across India over the last decade, with a significant portion allocated to Gujarat alone. He further disclosed Reliance’s ongoing endeavour to establish India’s first carbon fiber facility at Hazira in Gujarat, with a planned capacity of 20,000 million tonnes per annum.
Welspun New Energy declared a massive investment of Rs 40,000 crores to develop a vibrant green hydrogen and green ammonia ecosystem in the state, contributing to Gujarat’s sustainable energy landscape.
In a diversified investment move, UAE-based retailer LuLu Group announced plans to construct India’s largest shopping mall in Ahmedabad, with an estimated cost of ₹4,000 crore.
India and the UAE launched the ‘UAE-India CEPA Council (UICC)’ at the UAE-India Business Summit in Ahmedabad. The council aims to foster close partnerships and tangible cooperation across all levels of the UAE and Indian business communities. The launch ceremony was attended by the UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, and Union Minister of Commerce and Trade, Piyush Goyal.
The Vibrant Gujarat Global Summit promises to be a catalyst for economic growth, innovation, and international collaboration, solidifying its position as a key player on the global economic stage.
