Gujarat is committed to fulfilling PM Narendra Modi's vision of making a $5 Trillion economy by focusing on crucial industry sectors like Semiconductors, Green Hydrogen, Electric Vehicles (EV), Pharmaceuticals, Textiles, and Technical Textiles, Chief Minister Bhupendra Patel said on Wednesday as he appealed to industry leaders to participate in the 10th Vibrant Gujarat summit to be held in January 2024.
Patel, who presented the success story of the Vibrant Gujarat Summit to industry and financial sector leaders in Mumbai, said that the summits over the past two decades have propelled Gujarat’s GSDP from ₹1.42 lakh crore in 2003 to ₹22.61 lakh crore in 2023, while the state’s economy grew at a cumulative annual growth rate of 15 percent during this period.
CM Patel held meetings with industry heads
The Gujarat CM also held one-to-one meetings with 13 industry captains. Prominent among them being Tata Sons Chairman N. Chandrasekaran, ITC CMD Sanjiv Puri, L&T CMD S. N. Subrahmanyan, Kotak Mahindra Bank MD & CEO Dipak Gupta, P&G India & South Asia MD L. V. Vaidyanathan, ULP Chairman & Group CEO Jai Shroff among others.
Patel also addressed the roadshow of Vibrant Gujarat Global Summit 2024 in Mumbai, presenting the success story of two decades to leading figures from the business and industry, as well as consulate generals of various countries.
More than 350 leaders from business and industry sectors and around 35 diplomats participated in the event.
Vibrant Summit impact
Patel emphasized that the Vibrant Summit, initiated by Prime Minister Narendra Modi in 2003 as Chief Minister of Gujarat, has made the state a globally renowned destination of choice for investors and a centre of major economic activities. While presenting the opportunities in Gujarat, he said that 38% of the Delhi-Mumbai Industrial Corridor passes through Gujarat. Additionally, work is underway on the high-speed Mumbai-Ahmedabad rail corridor for the bullet train.
These pivotal projects will benefit the logistics sector and economic activities of Gujarat and Mumbai. He unequivocally mentioned that Gujarat's forthcoming wave of economic growth will be driven by forward-looking industrial infrastructure projects such as GIFT City, DREAM City, the Hybrid Solar and Wind Renewable Energy Park, and Dholera SIR.
Prominent financial institutions, such as the World Trade Center, GIFT-NIFTY, and Bank of America, are established within GIFT City. GIFT City takes pride in being home to the nation's inaugural International Bullion Exchange.
He also stated that Gujarat is committed to becoming a five trillion USD economy. To achieve this, the goal is to attain a Compound Annual Growth Rate (CAGR) of 14 percent by 2027 within crucial manufacturing sectors, including Semiconductor Manufacturing, Green Hydrogen, Electric Vehicles (EV), Pharmaceuticals, Textiles, and Technical Textiles, among others.
Gateway to the Future
"We will actively embody the theme "Gateway to the Future" by organizing seminars and events dedicated to emerging sectors in the forthcoming Vibrant Summit," Patel added.
Gujarat's Finance and Energy Minister Kanubhai Desai, Industries Minister Balwantsinh Rajput, and Minister of State Jagdish Vishwakarma were present at the occasion.
Group President of Reliance Industries Dhanraj Nathwani, Country Head of Bank of America Kaku Nakhate, and Kulin Lalbhai of Arvind Limited shared their experiences about an investor-friendly environment in Gujarat.