Vibrant Gujarat Summit- Investments worth Rs 26.33 lakh crore

The tenth edition of the three-day Vibrant Gujarat Summit 2024 ended on a high note. Inaugurated by Prime Minister Narendra Modi, the event attracted investments in sectors like green hydrogen, renewable power, e-mobility, semiconductors and financial services and fintech at the GIFT city. The UAE President Mohammed bin Zayed Al Nahyan was the chief guest at the inaugural event and other heads of countries – Filipe Nyusi of Mozambique, Jose Ramos-Horta of Timore-Leste and Petr Pavel of the Czech Republic were part of the event. With more than 61,000 delegates from over 140 countries, the high-profile event also hosted 40 Minister-led delegations from different countries with a total of 35 countries and 16 international organisations partnering the event.

MoUs for 41,299 projects worth Rs 26.33 lakh crore were signed. According to the Chief Minister Bhupendrabhai Patel, if the MoUs signed at the previous summit (scheduled for 2022 but postponed due to the COVID-19 pandemic) were added up, a total of 98,540 agreements with investment proposals worth more than Rs 45 lakh crore were inked in 2022 and 2024.

Earlier, the success rate of MoUs was recorded as 70 per cent. The government has set a target of ensuring a 90 per cent success rate for the investment agreements signed during this edition.

Major announcements at Vibrant Gujarat Summit 2024:

• The Adani Group topped the charts with an investment pledge of USD 24 billion in Gujarat over the next five years, a move projected to create 100,000 new jobs. This commitment spans sectors like renewable energy, green hydrogen, ports, and infrastructure.
• In a major commitment to environmental sustainability, Gautam Adani also announced a colossal USD 100 billion investment over 10 years to propel India’s transition towards green energy.
• Tata Group Chairman N Chandrasekaran announced on the plans of establishing a cutting-edge semiconductor fabrication plant (fab) in Dholera, Gujarat, with operations slated to begin by the end of 2024.
• Tata Group has also committed to a 20-gigawatt lithium-ion battery factory to be built in Sanand within the next two months.
• Reliance is to build a green energy giga complex. This project aims to become a hub for renewable energy generation, storage, and distribution and is slated for completion in 2024,
• Mukesh Ambani announced that Reliance will actively assist authorities in undertaking crucial developmental projects related to the bid to host the 2036 Olympic Games.
• Toshihiro Suzuki, President, Suzuki Motor Corporation revealed a Rs 35,000 crore commitment to establish a second manufacturing facility in Gujarat, expanding their annual production capacity beyond 40 lakh units by 2030-31.

• ArcelorMittal chairman Lakshmi Mittal announced his firm will build the world’s single biggest steel manufacturing factory at Hazira in Gujarat by 2029, having a capacity of 24 million tonnes per annum.

Sector Wise Investment Break up: