The state is now a hot investment destination The fifth edition of vibrant Gujarat summit has become a model of economic success that can be replicated by many states. The event provided a great opportunity for the state to display its strengths, initiatives taken to improve governance and the investor friendly climate, among other things. It not only gave local players an opportunity to interact with national and international players, but also with top government officials from various departments and sectors.
Such events encourage and motivate the bureaucracy as well. More than 1,400 delegates from over 101 countries participated in the event that saw a record 7,936 MoUs being inked for $450 billion.
This was significantly higher than the MoUs signed in the previous summit in January 2009. This time round, over 100 tie-ups were forged with leading institutions from across the globe for exchange of knowledge.
A distinct feature of the summit was the participation of national and international delegates in large numbers. It also provided excellent networking opportunities through b2b meetings and buyer seller meets.
Partnerships were forged not only in the industry space, but also in the areas of technology, innovation, academics and in social sectors. As our dynamic chief minister Narendra Modi pointed out, the focus this time was more on branding the state as a business hub rather than a pure investment destination.
The summit has helped generate international investor confidence. Gujarat has also emerged as the most favoured business destination in India. The state keeps up with the commitments made to investors, and also facilitates timely execution of projects.
Nothing can explain the success of Vibrant Gujarat better than the presence of India’s business tycoons including Ratan Tata, Mukesh Ambani, Anil Ambani, Gautam Adani, Adi Godrej, Sudhir Mehta, Prashant Ruia, GVK Reddy et al at the meet. The event has been successful in creating employment opportunities in tourism, handicrafts and knowledge sectors, besides garnering investments from across the world.
Minister of State for Finance, Gujarat
Investment is only on paper Gujarat was vibrant much before Mr Narendra Modi was on the horizon of politics. Gujarat's 11% growth rate compared to the country's 8.49% is no breaking news. Gujarat has always been ahead.
Those who know Gujarat and believe in reality more than rhetoric know that in 1994-95, Gujarat's growth rate was 13.2% compared to India's growth rate of 6.3%.I believe that it is inherent entrepreneurship skills and “Gujaratiness” that is responsible for its amazing growth story besides the state's strategic location and natural resources.
Trade and industry is in Gujarati DNA and long back before Mr Modi or I were born, trade transaction permission and first actual trade by British took place in Gujarat. There is record that in 3rd century BC, Greeks found Gujarat to be outstandingly market-oriented.
India's largest ship breaking yard in Alang, the largest greenfield refinery in Jamnagar, the country's first private port in Pipavav all came much before Mr Modi came to Gujarat. In fact, now hoardings with Mr Modi's wellrehearsed poses scream Gujarat tops in castor or soda ash production but this has been the case since the last three decades.
Other than credit claiming and event management, what is Mr Modi's contribution?
Only those who know Gujarat from the periphery can get carried away by Mr Modi's claims. RTI records prove investment coming in this summit mainly exist on paper. None of the 31 MoUs of power sector of 2009 Vibrant Summit amounting to . 2,11,895 crore offering employment to 58,000 people have seen the light of the day.
The Modi government claims to have attracted investment promises worth over . 7 lakh crore in energy sector alone this time. Investors have promised investments in 42,000 MW of renewable energy projects when the entire solar mission aims at 20,000 MW of solar power by 2021 Gujarat does not need more than 2,000 MW of renewable projects in the state! From a blood-shedding expert to a book-keeping wizard, Mr Modi has marketed himself well but then all hype and hollow action is what the summit is about.
Leader of Opposition Gujarat
Posted by sivakrishna | 21 Apr, 2011
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