Vibrant Gujarat Summit: Big names pledge megabucks

Gautam Adani, Mukesh Ambani, Lakshmi Mittal and N Chandrasekaran were among those pledging billions of dollars in investment in Prime Minister Narendra Modi’s home state on the opening day of the 10th Vibrant Gujarat Global Summit. The Adani Group, Reliance Industries and Tata Sons, along with big overseas names such as ArcelorMittal, Suzuki, US chipmaker Micron, chip component maker Simmtech and AI computing firm Nvidia announced projects located in Gujarat. The proposed investments spanned green hydrogen, battery storage, semiconductors, steel and auto among others.

The Adani Group said it will invest $24 billion in Gujarat over the next five years creating 100,000 jobs. (RIL) proposed ‘s first at together with a on 5,000 acres in in 2024. Addressing a packed Mahatma Mandir convention centre in Gandhinagar on Wednesday morning, Prime Minister Narendra Modi said India would be one of the top three global economies in the coming years.

“The world looks at (India) as an important pillar of stability, a trusted friend, and an engine of growth in the global economy,” Modi told an elite gathering of corporate leaders and heads of state, including United Arab Emirates (UAE) president Mohamed bin Zayed Al Nahyan, Timor-Leste president José Ramos-Horta and Mozambique president Filipe Nyusi. “In the rapidly changing world order, India is moving ahead as Vishwa Mitra (friend of the world),” Modi said. India inked important agreements with the UAE, involving investments worth billions in Gujarat and other states.

Apart from announcing the $24 billion investment, India’s richest man Gautam Adani said his group will also invest about $100 billion to help propel the shift to green energy in the country over the next decade. “Since 2014, India’s GDP has grown by 185% and per capita income by 165%, which is remarkable, especially in an era marked by geopolitical instability and pandemic challenges,” the Adani Group chairman said, lauding the country’s rise across global platforms and Modi’s role in this. “The Solar Alliance platform, an initiative you conceptualised, and your leadership at the G20 platform, set a benchmark for a more inclusive world order.

Adding the Global South to the G20 is a defining moment in modern history. ” Reliance Industries chairman and managing director Mukesh Ambani backed India’s bid for the 2036 Olympics and said that his group will assist the authorities in developmental projects as part of the effort. Modi was the “greatest global leader of our times” and the most “successful” prime minister in India’s history, Ambani said.

“When you speak, the whole world not only listens but applauds you. ” Tata Group Chairman N Chandrasekaran outlined plans to build a semiconductor fab in Gujarat’s Dholera that will begin operations this year. The Tata Group will also construct a 20-gigawatt, lithium ion battery factory in Sanand, the state’s auto hub, over the next two months.

ArcelorMittal chairman Lakshmi Mittal said his company will build the world’s biggest single-location steel plant at Hazira in Gujarat by 2029 with an annual capacity of 24 million tonnes per. Welspun World plans to invest Rs 40,000 crore to build a green hydrogen and green ammonia ecosystem in the state through its entity, Welspun New Energy Limited (WNEL). Suzuki Motor president Toshihiro Suzuki said the automaker will invest ₹35,000 crore to set up its second manufacturing facility in Gujarat.

The company is looking to ramp up its annual production capacity to over 4 million units by 2030-31. Dutch and Singapore firms announced investments worth over $7 billion in India in the upcoming financial year. Global tech company Nvidia said partner firm Yotta is set to commission an “artificial intelligence data centre” in the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar before March 2024.

Homegrown startups such as Paytm also made investment announcements. The event, which saw the unprecedented participation of 100 countries, world leaders and global corporations, assumes significance as it’s being seen as the government’s attempt to galvanise investments in Modi’s home state before general elections this year. (Catch all the , Events and Updates on .

).