New Delhi: The 10th edition Vibrant Gujarat Global Summit 2024 held in Gandhinagar, Gujarat, garnered investment promises worth more than Rs 4 lakh crore from Indian and international companies.
The summit also witnessed announcements related to key future infrastructure from green energy to chips, establishing the state’s importance in driving India’s industrial growth in the near future.
Prime Minister Narendra Modi reiterated India’s growth path to becoming the world’s third-largest economy. Setting the stage for India’s industrial growth, the OM said that India’s priorities were clear: “India’s priorities are sustainable industry, infrastructure and manufacturing, new age skills, futuristic technology, AI and innovation, green hydrogen, renewable energy, semiconductors and its entire ecosystem.”
The PM thanked UAE President Sheikh Mohamed bin Zayed al Nahyan for the growth in bilateral ties between the 2 countries. Al Nahyan was the chief guest at the Vibrant Gujarat Global Summit. The sovereign wealth fund of Abu Dhabi, Abu Dhabi Investment Authority is slated to set up an office in Gujarat’s GIFT city, the PM said.
What industrialists said at Vibrant Gujarat Summit?
- Adani Group Chairman Gautam Adani promised to invest over Rs 2 lakh crore in Gujarat to expand the green energy supply chain in Gujarat. The company plans to produce solar panels, wind turbines and photovoltaic cells among other renewable energy components.
- Maruti Suzuki Corp president Toshihiro Suzuki said the Maruti Suzuki India will launch its first EV from the Gujarat facility. The factory will produce EVs for domestic and global sales, he said, adding that the company will invest over Rs 35,000 crore in Gujarat to construct a second factory here, taking the total production to 10 lakh units eventually.
- Tata Sons Chairman N Chandrasekaran announced the group’s plans to set up a 20 GW lithium-ion battery production gigafactory in Sanand, Gujarat.
- The group was also on the verge of announcing another semiconductor fab in Dholera, he said.
- Reliance Industries chairman Mukesh Ambani professed that RIl will remain a Gujarati company. Reflecting on the more than one-third of $150 billion invested by the company over 10 years in Gujarat, Ambani said that RIl will ensure that Gujarat meets up to 50 per cent of its energy needs via renewables in 2030.
- While pointing towards the 5,000-acre Dhirubhai Ambani Green Energy Giga Complex that is under construction in Jamnagar, Ambani said RIl will also help to realise the PM’s dream of India hosting the Olympics in 2036.
- He said Gujarat will attain $3 trillion economy status and India a $35 trillion economy status by 2047.
- Lakshmi Mittal, Chairman of Arcelor Mittal Nippon Steel India said that the company will soon start operating the world’s largest integrated steel plant to operate from a single location in Hazira, Gujarat.
- Chipmaker Nvidia’s senior VP of global field operations Shankar Trivedi said its partner Yotta was setting uo an AI data centre in GIFT City which is expected to go live by end-March 2024.
- Sultan Ahmed bin Saulayem, the chairman of logistics company DP World UAE said the company plans to invest $3 billion in Gujarat over the next 3 years.
- Micron Technology CEO Sanjay Mehrotra said the first phase of its facility to test and assemble semiconductors was coming up in Sanand and was expected to turn operational bu 2025. The company had agreed to invest over $2.7 billion in Gujarat.
