Top industrialists, including Reliance Industries Limited Chairman Mukesh Ambani, Adani group founder Gautam Adani and Suzuki Motor Corporation Chief Toshihiro Suzuki unveiled investment plans worth more than Rs 2.35 lakhs crore on the first day of the Vibrant Gujarat Summit 2024.’
Over the past two decades, the Vibrant Gujarat Summit has emerged as a global business networking event to showcase the state’s investment-friendly environment and attracted significant investments in the state. This push has helped Gujarat to become one of India’s most preferred investment destinations and fostered partnership with major local and global corporations.
Addressing delegates at the Summit, PM Modi emphasised India’s robust economic growth saying “Today all major agencies estimate that India will be among the top three economies in the world in the coming years. Let people across the world do their analysis, but I guarantee that it will happen.
PM Shri @narendramodi Ji expressed confidence that India will rise to become one of the top three global economies in the coming years, during his address at the Vibrant Gujarat Summit 2024. pic.twitter.com/vKDNErYodh
— Daggubati Purandeswari 🇮🇳 (@PurandeswariBJP) January 10, 2024
Reliance Industries
The Chairman of the Reliance Industries Limited (RIL), Mukesh Ambani warmly embraced Gujarat and applauded the commencement of the 10th edition of the Summit. He declared that he and his organization will set up the nation’s first carbon fiber facility in Hazira. Ambani emphasized that Reliance will continue to be a Gujarat-based company. Highlighting the substantial investments made by Reliance, he revealed that the company has invested over $150 billion (Rs 12 lakh crore) into developing world-class assets and capabilities across India in the past decade. Significantly, Gujarat received more than one-third of this investment, underscoring the company’s strong commitment to the region.
Tune in to the insights of industry leaders as they express confidence in the fast growth of the Indian Economy in Vibrant Gujarat Summit.
A prominent figure remarked, " No power on Earth can stop India from becoming a $35 trillion economy by 2047.”
Watch the video.… pic.twitter.com/OXoNoRG8NA
— MyGovIndia (@mygovindia) January 10, 2024
Adani Group
Gautam Adani will invest Rs 2 lakh crore in the next five years in the sectors of green energy and the renewable sectors in Gujarat. The focus is on developing a green energy park that boasts visibility even from space. Adani expects this initiative to create a total of one lakh jobs.
#WATCH | Vibrant Gujarat Global Summit 2024 | Adani Group Chairperson Gautam Adani says, "… Vibrant Gujarat is a stunning manifestation of your (PM Modi) extraordinary vision. It has all your hallmark signatures, merging grand ambition, massive scale, meticulous governance and… pic.twitter.com/dW0LcRAhhb
— ANI (@ANI) January 10, 2024
Suzuki Motor Corporation
Toshihiro Suzuki, the president of the Suzuki Motor Corporations announced that Maruti Suzuki Limited, the local unit will invest a total of Rs 35,000 crore to set up its second manufacturing facility in Gujarat as it looks to ramp up annual production capacity to over 40 lakh units by 2030-31. The new plant is expected to start operation in Financial Year (2028-2029).
Arcelor Mittal
Laksmi Mittal, the executive chairman of Arcelor Mittal said the company will build the world’s single-biggest steel factory at Hazira in Gujarat by 2029. The factory will have a capacity to produce 24 million tonnes per annum.
#WATCH | At Vibrant Gujarat summit in Gandhinagar, Lakshmi Mittal, Executive Chairman of ArcelorMittal says, "I am quite confident that India can achieve 5 trillion dollar economy target. We will continue to expand our business in steel & mining, and we are also entering into… pic.twitter.com/O6lliKZj7V
— ANI (@ANI) January 10, 2024
Micron Technology
Sanjay Mehrotra, the CEO of Micron Technology praised the government’s vision to make India a global hub for semiconductors. In September 2023, the US chipmaker started construction of a $2.75 billion semiconductor testing and packaging facility in Gujarat’s Sanand. Of this, Micron will invest $825 million (approximately Rs 6,760 crore), with the government subsidizing the rest in two phases.
TATA Sons
TATA Sons Chairman Chandrasekharan said that the group will be unveiling plans for a new semiconductor fabrication plant in Gujarat later this year. The move is in line with Modi’s agenda of building capacity to manufacture lithium-ion batteries in Sanand with an initial manufacturing capacity of the 20 GW hours to meet the growing demand for electric vehicles.
The investment will proceed in two phases, with work set to begin in the next couple of months. Moreover, the development of the C-295 defence aircraft manufacturing in Vadodara and Dholera by the TATA group will add strength to the indigenous defence manufacturing scheme Atmanirbhar Bharat, launched by the Narendra Modi government.
