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September 29, 2023 2:03 PM IST

Gujarat’s remarkable transformation in becoming an industrial powerhouse

Gujarat | Make in India | Vibrant Gujarat Global Summit | FDI

With spreading the vibrancy across the globe, Gujarat is gradually becoming one of the most preferred states for investments and a role model for other parts of the country. According to official reports, Gujarat attracted $31 billion USD in Foreign Direct Investment (FDI) from 2019 to March 2023, marking an 84% increase in FDI in FY 2022-23 compared to the previous year, the highest among all states/UTs.

Key highlights include a 9-fold increase in investments in the automobile sector compared to 2001 and a 12-fold rise in manufacturing output. Gujarat contributes 75% to India’s dyes and intermediates manufacturing, leads in agro and food processing industry investments, with over 30,000 operational food processing units. The state holds more than 50% of medical device manufacturing and 80% of cardiac stent production in India.

Moreover, Gujarat plays a pivotal role in processing over 70% of the world’s diamonds and contributing to 80% of India’s diamond exports. It dominates the ceramic industry with a 90% market share and hosts over 10,000 units producing various ceramic products. According to PM Modi, Gujarat stands as India’s largest exporter, with current transactions totaling $2 billion.

The Vibrant Gujarat Global Summit has resulted in becoming one of the premier business summits in India, attracting huge investments to Gujarat. Conceptualized in 2023, the Summit has evolved from “Making Gujarat a preferred Investment Destination” to “Shaping a New India” in the last 20 years. From about 300 international participants in 2003, the Summit has witnessed more than 40,000 participants and delegates from 135 countries. The number of exhibition booths has also increased from 30 in 2003 to more than 2000 today. Now, the unparalleled success of Vibrant Gujarat has become a role model for the entire country and has inspired other Indian states to replicate the organization of such investment summits.

In the past 20 years, Gujarat has transformed into a thriving economic hub driven by entrepreneurship. It’s now among India’s most industrialized and urbanized states, leading in various sectors and attracting significant investments. At the 20th-anniversary celebration of the Summit, PM Modi and industry leaders gathered at Science City in Ahmedabad on September 27.

Addressing the event, Takashi Suzuki, Chief Director General of Jetro (South Asia), highlighted Japan’s significant contribution to the Make in India initiative. He emphasized the strengthening cultural and business ties between Jetro and Gujarat since 2009. Suzuki noted that Gujarat hosts nearly 360 Japanese companies and factories and expressed plans for future collaborations in semiconductor electronics, green hydrogen, renewable energy, and the pharmaceutical sector. He also mentioned the upcoming visit of a Japanese business delegation focused on semiconductors during the next Vibrant Gujarat event.

On September 12, 2023, the sixth phase of MoUs for industrial investments in the state was signed in Gandhinagar as part of the Vibrant Gujarat Global Summit 2024. A total of 7 MoUs were signed for the textile sector, chemicals sector, and an industrial park, representing a potential investment of Rs. 4,067 Crores. This investment is expected to create more than 25 thousand employment opportunities. Additionally, on August 8, four more MoUs worth ₹1,113 crores were signed in a single day.

The Vibrant Gujarat Global Summit 2024 will be held from 10th – 12th January 2024. The agenda of Vibrant Gujarat Global Summit 2024 will carry forward the national priorities and themes of G20 and I2U2, spreading its reach and vibrancy at the state, national, and international levels.”

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Last updated on: 20th February 2024