Vibrant Gujrat Global Summit 2024:Key Takeaways from the Event
In celebration of "20 years of Vibrant Gujrat as the summit of success," the 10th edition of the Vibrant Gujrat Global Summit” 2024 will take place in Gandhinagar, Gujarat.
In 2003, Prime Minister Narendra Modi, Gujrat's then-honorable Chief Minister, conceptualized this vibrant Gujrat Global Summit. This year, the summit will celebrate its 20 years of inception as “20 years of Vibrant Gujrat as the Summit of Success." The event has left in its wake a flurry of commitments, collaborations, and a sense of optimism that holds great promise for the future of India.
Chief Minister Bhupendra Patel, ahead of the tenth Vibrant Gujrat Global Summit, made this extravagant statement: “Gujrat means growth." He also reiterated that “Gujrat contributes 8.3% to the national gross domestic product” with only 5% of the population. Gujrat has always been very ambitious. It has set a target to become a $500 billion economy by 2026–27. Gujrat has also made a tremendous contribution to promoting an “Atmanirbhar Bharat.”.
This is a three-day event, witnessing the participation of 34 partner countries and delegations from over 130 countries. The event will be held in two days, from January 10th to January 12th, 2024. The theme of this year is “Gateway to the Future." Multiple programs have been organized as a part of this celebration at Mahatma Mandir, Sector-17 Exhibition Centre, and GIFT City in the state capital Gandhinagar. Along with other international dignitaries, Mohamed bin Zayed Al Nahyan, the president of the United Arab Emirates (UAE), is the principal guest for today's inaugural ceremony. Some of the key takeaways from the event are:
Prime Minister Narendra Modi outlined the vision for India's future of becoming a developed nation. He elaborately talked about the importance of prioritizing sustainable industry, infrastructure, and manufacturing, focusing on skills, AI, and innovation.
He signed three trade pacts to attract investors, focusing on bringing structural changes to the ease of business.
Mukesh Ambani, Reliance Industries chairman and managing director, announced his plans for a 5000-acre green complex at Jamnagar and a carbon fiber facility at Hazira.
Construction of a 20 GW battery plant and progress on the Dholera semiconductor prefab unit, as announced by TATA's N. Chandrasekaran. Tata Group has unveiled yet another goal-oriented initiative, establishing a lithium-ion battery factory with a capacity of 20 gigawatts. The following project will take another two months.
A pledge to generate 30 GW of renewable energy at Khavda and invest 2 trillion rupees in Gujrat for over 5 years was made by Gautam Adani of the Adani Group. He also pledged an investment of $24 billion in Gujrat, projected to create over 100,000 new jobs.
Multiple global partnerships between Arcelor Mittal, Suzuki Motors, and DP World showcased India’s stature as a preferred destination for investment.
Suzuki Motors announced an investment of 350 billion rupees for a second plant in Gujrat, which will have an annual capacity of 1 million cars. By the fiscal year 2030–31, this strategic effort hopes to increase the yearly production capacity above 4 million units.
Initiated in 2003, the summit was characterized by impactful announcements, the presence of prominent investors, and a rejuvenation. Delegations from across the globe, representing nations such as the United States, Japan, and the United Arab Emirates, demonstrated a profound interest in delving into potential investment avenues within the state.