Vibrant Gujarat Summit : Record 58 MoUs worth Rs 7.17 Lakh Cr Signed in One Day

Gandhinagar : As a prelude to the Vibrant Gujarat Global Summit 2024, a role model of development and the Growth Engine of the nation, Gujarat achieved a historic milestone by signing MoUs for proposed investments totalling Rs 7,12,250 crores. The MoUs were signed under the guidance and presence of CM Bhupendra Patel.

A total of 58 MoUs were inked between industry investors and the state government across various sectors, paving the way for the creation of 3,70,165 direct and indirect employment opportunities in the future. The 10th edition of the Vibrant Summit, initiated by Prime Minister Shri Narendra Modi during his tenure as Chief Minister since 2003, aims to position Gujarat as a global leader in trade and industry. The summit will be held from January 10 to 12, 2024.

Adopting an innovative approach under the guidance of Chief Minister Bhupendra Patel, the state government has initiated the practice of signing MoUs with various industries every Wednesday in Gandhinagar. This serves as a prelude to the Vibrant Summit-2024, with the Chief Minister and Ministers directly participating. As a result, 177 MoUs have been signed across 16 series, projecting a proposed investment of Rs 3,14,469 crores and the creation of 9,19,000 employment opportunities.

In the latest development on January 3rd, during the 17th series in the presence of Chief Minister Shri Bhupendra Patel and senior ministers of the State Cabinet, 58 projects exchanged MoUs in a single day, reflecting a potential investment of Rs 7,17,250 crore. This is expected to generate 3,70,165 potential employment opportunities in the future.

Among the 58 MoUs concluded on Wednesday, both central and state government entities such as NTPC, Power Finance Corporation Limited, Power Grid Corporation Limited, ONGC, HPCL, IOCL, as well as state government entities like Gujarat Industrial Power Corporation and Gujarat State Electric Corporation, participated in signing agreements. Renowned industrial houses committed to investments in various sectors. In total, 234 MoUs have been signed across 17 series, projecting an anticipated investment exceeding Rs 10,31,250 crore and the creation of over 12,89,078 employment opportunities.

It is noteworthy that the sectors covered by the MoUs for potential investments include electric vehicles, agro and food processing, automobiles, biotechnology, cement, chemicals and petrochemicals, ports, education, engineering, healthcare and pharmaceuticals, industrial parks, IT-ITES, logistics, oil & gas, packaging, plastics, power, green hydrogen & renewable energy, textiles & apparels, tourism & civil aviation, and urban development, encompassing various critical sectors.

Chief Minister Shri Bhupendra Patel defined this momentous occasion as a historic achievement for the state, marking the signing of MoUs for potential investments totalling Rs 7,17,000 crore in a single day. He highlighted that Prime Minister Shri Narendra Modi initiated the Vibrant Summit in 2003 during his tenure as Chief Minister, aiming to position Gujarat as a global leader in trade and industries.

The CM stated that due to the ongoing success of this summit, Gujarat has emerged as a preferred investment destination for both domestic and international investors. CM emphasized that the execution of MoUs during the Vibrant Summit has generated numerous opportunities for employment and economic growth in Gujarat. The CM mentioned that the state government, with a proactive approach, is fully prepared to assist investors venturing into the industries to ensure a streamlined process. The Chief Minister extended an invitation to all industrialists and investors to participate in the 10th edition of the Vibrant Summit, emphasizing the collective effort to fulfil Prime Minister Shri Narendra Modi’s vision for Viksit Bharat@2047, through a Viksit Gujarat.

Minister of Finance and Energy Shri Kanubhai Desai, Minister of Industries Shri Balvantsinh Rajput, and Minister of State Shri Harsh Sanghvi were present during the exchange of this MoU.

Industries Minister Shri Balvantsinh Rajput noted that the industrial development journey begun by the then Chief Minister Shri Narendra Modi in Gujarat has gained renewed momentum under the guidance of Chief Minister Shri Bhupendra Patel. The Minister emphasized that Gujarat, with its policy-driven governance and people-centric approach, has become the First Choice of Investment for industry investors, owing to the foundation set by the Vibrant Summit initiated by the Prime Minister.

On Wednesday, during the 17th weekly series of MoU exchanges on January 3, 21 MoUs were signed for investments less than Rs 2,000 crore, 12 for investments between Rs 2,000 and 5,000 crore, 8 for investments of Rs 5,000 to 10,000 crore, and 17 MoUs for investments exceeding Rs 10,000 crore.

This MoU is expected to bring proposed investments in the energy, industry, science and technology, urban development, and health sectors. Chief Secretary Shri Raj Kumar, Chief Principal Secretary to Chief Minister Shri K. Kailashnathan, Additional Chief Secretary Industries Shri S.J. Haider, along with senior secretaries and officials from relevant departments, and industry investors were present during the 17th MoU exchange.