Vibrant Gujarat Summit 2024 Witnesses Staggering $62 Billion Pledged Investments on Day 1

Wednesday, January 10, 2024 Edit this post

Via Syndicated Feed

Vibrant Gujarat Summit 2024 Witnesses Staggering $62 Billion Pledged Investments on Day 1

On the inaugural day of the 10th edition of the Vibrant Gujarat Global Summit, India witnessed a landmark moment as top business leaders committed investments exceeding $62 billion (₹5 lakh crore). The summit, which has evolved into a global business forum, garnered accolades for Prime Minister Narendra Modi's vision and the institutionalized framework he has established, turning Gujarat into a focal point for economic growth.

Chairman of Reliance Industries Limited, Mukesh Ambani, proudly announced his company's substantial investment of over $150 billion (₹12 lakh crore) in building world-class assets and capacities across India in the past decade. Emphasizing Gujarat's significant role in this investment, Ambani revealed plans for the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, which is scheduled for commissioning in the second half of the year. Furthermore, Reliance is actively working on setting up India's first carbon fiber facility in Hazira, Gujarat, with a targeted annual capacity of 20,000 million tonnes. Ambani also highlighted collaborative efforts with Reliance Foundation to enhance education, sports, and skills infrastructure in Gujarat, aligning with India's bid for the 2036 Olympics.

Gautam Adani, Chairman of the Adani Group, echoed the sentiment, pledging an investment exceeding ₹2 lakh crore in Gujarat, aimed at creating over 100,000 direct and indirect job opportunities. Adani's ambitious plans include the development of the world's largest green energy park in Khavda, Kutch, generating 30 GW of renewable energy over 725 square kilometers. Adani applauded Modi's vision, crediting him for igniting a nationwide movement that has reshaped India's industrial landscape.

The summit also welcomed Toshihiro Suzuki, President of Suzuki Motor Corporation, Japan, who announced plans for a new manufacturing plant in Gujarat with a capacity to produce 1 million vehicles. Suzuki's commitment reflects the strong leadership and support provided by Prime Minister Modi over the past decade, transforming India into the world's third-largest automobile market.

Conceptualized in 2003 under the leadership of then Chief Minister Narendra Modi, the Vibrant Gujarat Summit has evolved into a prominent platform for business collaboration, knowledge sharing, and strategic partnerships. Chairman of DP World, Sultan Ahmed bin Sulayem, commended Gujarat's economic potential and announced investment initiatives like Gatishakti, illustrating India and Gujarat's trajectory as emerging economic powerhouses.

Laxmi Mittal, Chairman of ArcelorMittal Group, emphasized his firm's commitment not only to steel but also to emerging sectors like renewable energy and green hydrogen. ArcelorMittal's investment at the Vibrant Summit included plans for a steel plant at Hazira, with the potential to become one of the world's largest single-location integrated steel plants upon completion in 2029.

N Chandrasekaran, Chairman of Tata Sons Limited, praised Gujarat's steady progress, attributing it to visionary leadership and Prime Minister Modi's mindset. Chandrasekaran outlined the Tata Group's expansion plans in Gujarat, spanning electric vehicles, battery production, C295 defense aircraft, and semiconductors.

Sanjay Mehrotra, CEO of Micron Technologies, expressed gratitude to the state and central governments for their support in establishing a world-class memory assembly and test facility in Gujarat. The facility is set to create 5,000 direct jobs and 15,000 additional community jobs over the coming years, with a combined investment potentially reaching $2.75 billion.

As the summit showcased India's economic prowess and global collaborations, it also became a platform for top business leaders to express their admiration for Prime Minister Modi's transformative vision. The collective sentiment among industry leaders reflected confidence in Gujarat's role as a gateway to India's future economic success.
 
IndraStra Global Staff has not edited this story, which is auto-generated from a syndicated feed.

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IndraStra Global: Vibrant Gujarat Summit 2024 Witnesses Staggering $62 Billion Pledged Investments on Day 1
Vibrant Gujarat Summit 2024 Witnesses Staggering $62 Billion Pledged Investments on Day 1
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