India (Commonwealth Union)_ The Vibrant Gujarat Global Summit 2024 commenced on a high note at Gandhinagar’s Mahatma Mandir. Prime Minister Narendra Modi, who presided over the inauguration, stated that India is actively striving to attain developed nation status within the next 25 years. Emphasizing the current priorities of infrastructure, sustainability, and manufacturing, PM Modi inaugurated the 10th edition of the summit, attracting around 130,000 participants from 140 countries.
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Modi underscored India’s pivotal role amid global uncertainties, portraying the nation as a beacon of hope, a bastion of stability, and an engine of growth in the global economy. Describing India as a trustworthy friend, a proponent of people-centric development, and a significant voice in global affairs, Modi highlighted its position as a technology hub and a democracy that delivers. The PM said, “The world looks at India as an important pillar of stability. A friend who can be trusted, a partner who believes in people-centric development, a voice that believes in global good, a voice of the global south, an engine of growth in the global economy, a technology hub for finding solutions, a powerhouse of talented youth, and a democracy that delivers”.
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The 10th edition of the Vibrant Gujarat Global Summit, themed ‘gateway to the future,’ witnessed industry leaders commit investments of approximately Rs 2,38,200 crore during its inauguration. Major investments were pledged in AI, green mobility, renewable energy, and semiconductors, reflecting the summit’s focus on emerging sectors. The summit attracted 34 partner countries and 16 partner organizations, gathering global leaders, including Presidents, Prime Ministers, and CEOs. PM Modi is slated to engage in bilateral discussions with key delegates such as Toshihiro Suzuki of Suzuki Motor Corp; Keith Svendsen of AP Moller; Sanjay Mehrotra of Micron Technology; and Piruz Khambatta, Chairman of Rasna Private Limited, among others. Indian business magnates like Gautam Adani, Mukesh Ambani, and Natarajan Chandrasekaran also participated in the event.
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The three day Vibrant Gujarat Summit 2024 strengthened Gujarat’s status as an investment magnet. Key announcements included Adani Group‘s monumental $24 billion investment over the next five years, focusing on renewable energy, green hydrogen, ports, and infrastructure, generating 100,000 jobs in the state. Gautam Adani additionally pledged $100 billion over a decade for India’s transition to green energy.
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The summit highlighted Gujarat’s emphasis on emerging sectors, with Tata Group announcing plans for a cutting-edge semiconductor fabrication plant in Dholera and a 20-gigawatt lithium-ion battery factory in Sanand. Tata Group’s activities in Gujarat do not end with semiconductors. After announcing an innovative semiconductor fabrication facility, they have also unveiled an additional ambitious undertaking: the construction of a 20-gigawatt lithium-ion battery factory in Sanand within a few months.
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Further, Reliance Industries, led by Mukesh Ambani, expressed support for India’s bid to host the 2036 Olympic Games, promising assistance in crucial developmental projects. Reliance is currently constructing a gigaplex for renewable energy on an expansive 5,000-acre site in Jamnagar. With a completion objective of 2024, this ambitious undertaking endeavors to establish itself as a center for the generation, storage, and distribution of renewable energy. It is a substantial step toward India’s ambitious renewable energy objectives and has the potential to generate a considerable number of green employment opportunities in the state.
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Additionally, Union Minister Ashwini Vaishnaw stated at the Vibrant Gujarat Global Summit 2024 on Thursday that Gujarat will establish a 30,000 MW green power center, which will become the world’s largest green power cluster. He further stated that it is an excellent opportunity to produce goods that utilize renewable energy. Union Minister Ashwini Vaishnaw and Gujarat Chief Minister Bhupendra Patel attended a seminar on semiconductors and electronics in Gandhinagar during the ongoing summit. He stated, “The semiconductor industry is going to require a million more strong talents in the next decade. This will come from India. We have tied up with 104 universities to develop courses and training regimes. When you make the next investment decision, your natural choice should be Bharat and Gujarat.”
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International firms from the Netherlands and Singapore pledged over $7 billion in investments during the summit, signaling growing global confidence in India’s potential. Additionally, Suzuki Motor Corporation committed ₹35,000 crore to establish a second manufacturing facility in Gujarat, aiming to exceed 40 lakh units in annual production capacity by 2030-2031. Overall, the international and Indian investor elites who gathered at the Vibrant Gujarat Global Summit 2024 made promising investments on huge projects in the state. Prominent individuals such as Anil Agarwal (Vedanta Group), Mukesh Ambani (Reliance Industries), Kumar Mangalam Birla (Aditya Birla Group), and Uday Kotak (Kotak Mahindra Bank) conveyed their optimism regarding the untapped potential of Gujarat. Additionally, delegations from nations such as the United States, Japan, and the United Arab Emirates demonstrated a strong desire to investigate investment prospects in the state.
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The summit brought together global and Indian investors, with major players expressing confidence in Gujarat’s potential. Lauding the committed participation of the investors, PM Modi concluded his address by emphasizing the new possibilities for investors across India, framing the Vibrant Gujarat Summit as a “Gateway to the Future” and a platform to shape a new generation of creators and consumers. He said, “You are not only investing in India but also shaping a new generation of young creators and consumers. Your partnership with the aspirational young generation of India can bring results that you could not have even imagined.”
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Furthermore, PM Modi expressed confidence in India’s growth trajectory, anticipating its ascent to one of the top three economies globally in the coming years. He stated, “Today, India is the fifth largest economy in the world. 10 years ago, India was in the eleventh position. Today, all major agencies estimate that India will be among the top three economies in the world in the coming years. Let people across the world do their analysis, but it is my guarantee that it will happen.”
