Gujrat, 10-01-2024 : The Vibrant Gujarat Summit 2024, a significant investor conference, kicked off in Gujarat with Prime Minister Narendra Modi in attendance. Industrialists, both domestic and international, gathered for this event, showcasing Gujarat’s potential for investments. During the inaugural session, Mukesh Ambani, Chairman of Reliance Industries, openly praised PM Modi, hailing him as the ‘most successful Prime Minister in the history of the country.’ Ambani also made several investment-related announcements, emphasizing Gujarat’s pivotal role in India’s economic growth.
Ambani, in his address, hailed Gujarat as the gateway to modern India’s growth, asserting that Reliance has strong ties with the state. He disclosed plans to initiate a battery manufacturing plant in Gujarat, with the Giga Factory expected to commence operations in the latter half of 2024. Ambani projected that Gujarat would play a crucial role in India’s economic ascent, predicting the state’s GDP to reach $3000 billion by 2047. He affirmed Reliance’s commitment to set up India’s first-class carbon fiber facility in Hazira, Gujarat.
The Adani Group also made substantial investment commitments during the Summit. The group announced an investment of Rs 55,000 crore in Gujarat by 2025, with a total investment exceeding Rs 2 lakh crore in the next five years. This major infusion of funds is anticipated to generate over 1 lakh jobs in Gujarat. Gautam Adani, Chairman of the Adani Group, praised PM Modi’s vision, stating that India, under his leadership, is on track to become a fully developed country by 2047.
Adani unveiled plans for constructing the world’s largest energy park in Khavra, Kutch, covering an expansive 725 square kilometers. This energy park is designed to house a diverse range of facilities, including solar panels, wind turbines, hydrogen electrolyzers, green ammonia production, PVC manufacturing, and expansion in cement and copper production.
Other notable announcements were made by key industry leaders present at the Summit. Maruti Suzuki pledged to invest Rs 35,000 crore for establishing a second plant in Gujarat. Tata Group disclosed plans for a large semiconductor factory in Dholera and a 20 GW gigafactory in Sanand to produce lithium-ion batteries. Paytm committed to investing Rs 100 crore in Gift City, and ArcelorMittal announced its intention to launch the world’s largest steel plant in Hazira by 2029.
Overall, the Vibrant Gujarat Summit served as a platform for major industrial players to showcase their investment plans and affirm their confidence in Gujarat’s economic potential, contributing to the state’s growth and job creation prospects.