The Vibrant Gujarat global summit 2024, is a significant event marking 20 years of the summit’s journey. It’s a platform where world leaders and CEOs of top global corporations engage in vital discussions, shaping the future of business and investment in India.
The summit serves as a testament to Gujarat’s evolution and its role in India’s development story, making it a landmark event in the business and economic calendar of the country.
Stay tuned as we unpack more about the global investors summit 2024, exploring its impacts, key announcements, and what it holds for the future of Gujarat and India.
What is Vibrant Gujarat global summit 2024
The Gujarat global summit 2024 is a significant event that took place in Gujarat’s capital from January 10 to 12 in. Started back in 2003 by Narendra Modi, the then Chief Minister of Gujarat, this summit has become a key global platform for business networking, knowledge sharing, and forming strategic partnerships that foster sustainable growth.
The 2024 edition of the summit was themed “Gateway to the Future.” Its main objectives were to promote global collaboration, economic progress, and sustainable development. This event brought together business leaders, policymakers, and investors from over 100 countries, making it a melting pot of ideas and opportunities in various sectors.
This year’s summit underscores Gujarat’s commitment to the vision of an Aatmanirbhar Bharat (Self-reliant India) and Viksit Bharat (Developed India) by 2047. Aligning with national and global priorities, including themes from the G20 and I2U2.
The summit focuses on showcasing Gujarat’s achievements and readiness in various sectors, contributing towards India’s growth. The focus was on sectors such as food security, advanced technology, startups, healthcare, and sustainability.
The Vibrant Gujarat Global Investors Summit 2024 is more than an event; it’s a showcase of Gujarat’s journey towards being a global leader and a glimpse into the future of development in India.
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Why Gujarat for investments?
Gujarat’s economic trajectory is indeed impressive. Accounting for a significant 8.3% of India’s GDP, 18% of the industrial output, and a substantial 33% of the country’s exports, the state has demonstrated remarkable economic growth. In the span of just two decades, Gujarat’s Gross State Domestic Product (GSDP) rose from ₹1.42 lakh crore to ₹22.61 lakh crore.
Gujarat stands out as a top destination for investors. Here’s why.
The state has created a business-friendly environment. This, coupled with a strong infrastructure and a skilled workforce, has made it a go-to place for various industries. Over the years, sectors like manufacturing, tourism, healthcare, and textiles have seen significant growth.
In 2022, Gujarat took a pioneering step by introducing the Semiconductor Policy. It’s now a key player in semiconductor and display manufacturing. This enhances its existing strengths in the technology sector.
The food and agriculture sector in Gujarat is also thriving. With two major food parks and numerous food processing units, it offers great opportunities for investment.
Another area of Gujarat’s strength is auto manufacturing, particularly in light of the growing popularity of electric cars (EVs). The state is home to the first lithium-ion battery plant in India, which is advancing EV production and assisting with renewable energy projects.
Gujarat’s pharma industry is noteworthy, too. It has the highest number of registered pharma companies in India, many of which are USFDA-approved. This makes it a solid base for further investment in this sector.
Gujarat’s extensive coastline and modern ports give it an advantage in trade. The state is integral to India’s Maritime Vision 2030, aiming to enhance its 42 ports’ operational capabilities. This positions Gujarat as a key link in global trade.
Lastly, the defence and aerospace sectors in Gujarat are expanding, offering opportunities in areas like aircraft assembly and defence technologies.
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Major announcements and strategic developments
The Vibrant Gujarat global investors summit promises significant benefits for various sectors and companies. Here’s a snapshot of the major beneficiaries.
- Adani Group: With the goal of creating 1 lakh jobs, Adani Group’s founder, Gautam Adani, said that the company will invest $24 billion in Gujarat over the following five years. He further declared a $100 billion investment in renewable energy, enabling Gujarat to establish the most extensive integrated renewable energy ecosystem.
- Adani Ports & SEZ Ltd.: APSEZ is set for growth with its involvement in coastal infrastructure development, including the Kandla Port expansion. This aligns with its core expertise in port infrastructure.
- Reliance Industries: Mukesh Ambani of Reliance Industries revealed plans for the first carbon fibre plant in India and a mega complex dedicated to green energy on 5,000 acres in Jamnagar. Ambani also reaffirmed India’s candidature for the 2036 Olympics and Reliance’s support for related development projects.
- Tata Sons: The Tata Group’s Chandrasekaran announced the establishment of a 20 gigawatt lithium-ion storage battery factory in Sanand and a semiconductor manufacturing factory in Dholera.
- Suzuki: In an effort to boost yearly production capacity, Toshihiro Suzuki announced that Suzuki Motors will invest ₹35,000 crore for a second manufacturing site in Gujarat.
- ArcelorMittal: By 2029, Lakshmi Mittal intends to construct the biggest steel mill in the world at Hazira.
- One 97: Paytm’s parent company, One97, has announced an investment of ₹100 crores in GIFT City to develop a robust financial ecosystem in Gandhinagar.
- Deakin University: Plans to set up its first international branch in GIFT City, boosting education.
- Micron Technology: Micron is a leading memory tech company, driven by AI and computing for over 40 years. They intend to construct the first-ever state-of-the-art memory assembly and testing facility in India in Gujarat in June.
- Torrent Pharmaceuticals Ltd.: The focus on pharmaceuticals and healthcare at the summit is great news for Torrent Pharma. It’s likely to boost their R&D and drug manufacturing expansion plans.
- Zydus Cadila Healthcare Ltd.: Zydus Cadila, with its diverse medical offerings, is another beneficiary, especially with the summit’s emphasis on healthcare. This could mean more opportunities in vaccine and biosimilar research.
- Infibeam Avenues Ltd.: As a key player in e-commerce, Infibeam could see a rise in business opportunities thanks to the state’s commitment to the digital economy and e-commerce initiatives.
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The Vibrant Gujarat global summit 2024 concluded with a clear message: Gujarat is a key player in India’s journey towards becoming one of the top three global economies. Major investments across diverse sectors and a focus on sustainable development set a dynamic tone for the future.
The global investors summit 2024 highlighted Gujarat’s commitment to innovation and global partnership, laying a foundation for ventures that will drive national growth and prosperity.