Firms pledge mega investments as Modi inaugurates Vibrant Gujarat Summit 2024

Indian and multinational companies made a beeline to announce investment pledges as Prime Minister Narendra Modi inaugurated the 10th edition of the biennial Vibrant Gujarat summit with a vision of developing India by 2047. 

“It is time for new dreams, new resolutions, and continuous accomplishments,” the prime minister said in his opening address as he urged world leaders and global executives to invest in Gujarat.  

“You are not only investing in India but also shaping a new generation of young creators and consumers. Your partnership with the aspirational young generation of India can bring results which you could not have even imagined,” Modi said.

Heeding the prime minister’s call, corporates announced several big-ticket investments in Gujarat. 

The biggest announcement came from Adani Group chairman Gautam Adani, who said his group will invest ₹2 trillion ($24 billion) in Gujarat in the next five years. The massive investment, Adani said, will create over 100,000 direct and indirect jobs.

The billionaire industrialist revealed that the conglomerate is constructing a green energy plant with a capacity of 30 gigawatts of renewable energy in Gujarat’s Kachchh. 

Another big pledge came from Tata Group, with chairman N Chandrasekaran unveiling plans to build a large semiconductor fabrication facility (fab) in Gujarat’s Dholera. 

Without giving out the details of the investment, Chandrasekaran said they are in the final stages of negotiations and the plant is expected to commence operations in 2024. 

South Korean semiconductor parts maker Simmtech also expressed interest in investing in the growing semiconductor industry in collaboration with American chip giant Micron. 

ArcelorMittal executive chairman Lakshmi Mittal announced that the company is building the world’s largest single-location integrated steel plant in Gujarat’s Hazira as part of its joint venture with Nippon Steel. The plant will have the capacity to produce 24 million tonnes of crude steel a year and is expected to be operational by 2029.

Maruti Suzuki announced plans to invest ₹35,000 crore ($4.2 billion) in Gujarat, including building of a second car plant and adding a new production line at an existing facility. This will increase annual production capacity to 2 million vehicles. 

Suzuki Motor Corporation president Toshihiro Suzuki said India‘s automobile market is growing steadily under the leadership of Prime Minister Modi.

He also announced plans to start production of biogas from cow dung. “Together with the National Dairy Development Board and Banas Dairy, Suzuki has started the work for building four biogas plants.”

Reliance Industries chairman Mukesh Ambani said his company will build India’s first world-class carbon fiber facility at Hazira in Gujarat. 

Heaping praise on Modi as India’s “most successful prime minister,” Ambani said he was confident India will become a 35 trillion dollar economy by 2047. 

He also revealed that of the ₹12 trillion ($144 billion) investment that his company has made across India, one-third has been invested in Gujarat alone.

PM Modi to inaugurate Vibrant Gujarat Global Summit 2024

The Vibrant Gujarat Global Summit was conceptualized in 2003 by Narendra Modi, who was then the chief minister of the state. The 10th edition of the the commit is being held from 10 to 12 January 2024 in Gandhinagar, and celebrates “20 Years of Vibrant Gujarat as the Summit of Success” with the theme ‘Gateway to the Future’. 

Earlier, while inaugurating the summit, Modi reiterated the pledge to make India ‘viksit’ (developed) by 2047.

Referring to the 20th anniversary of the Vibrant Gujarat Summit, the prime minister remarked that the summit has showcased new ideas, and created new gateways for investments and returns. Throwing light on this year’s theme of ‘Gateway to the future’, he said that the future of the 21st century will be brightened by shared efforts, a statement by his office noted. 

“The priorities and aspirations of India’s 1.4 billion citizens and their belief in human-centric development coupled with the government’s commitment to inclusivity and equality is a major aspect of world prosperity and development,” he said. 

Noting that India is set to become one of the top three economies in the world in the next few years, Modi said, “Experts can analyze this, but I guarantee that India will become the 3rd largest economy in the world.”

Urging global companies to invest in India, Modi said, “I appeal to all of you to become part of India’s investment journey.” 

There are 34 partner countries and 16 partner organizations for this year’s Summit. 

United Arab Emirates (UAE) President Sheikh Mohammed bin Zayed Al Nahyan, Mozambique President  Filipe Nyusi, Czech Republic Prime Minister Petr Fiala, and Timor Leste President José Ramos-Horta are among the dignitaries attending the summit, besides top executives of Indian and multinational companies.