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Top Business Leaders Pledge Investments Over $62 Billion On First Day Of Gujarat Global Summit

Leading business executives pledged investments totaling more than $62 billion (₹5 lakh crore) on the opening day of the 10th Vibrant Gujarat Global Summit. They also praised Prime Minister Narendra Modi for his vision and for instituting the framework that has turned this into an international event.

In the previous ten years, Reliance Industries Ltd. has invested over $150 billion (12 lakh crore) in building world-class assets and capacities throughout India, with at least a third of that amount going towards Gujarat alone, according to chairman Mukesh Ambani.

According to Ambani, the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar is scheduled to be put into service in the second half of the year. In addition, he said, Reliance is currently building India’s first carbon fibre facility in Hazira, Gujarat, which when finished would have a 20,000 million tonnes annual capacity. In light of India’s announcement of a candidature for the 2036 Olympics, Ambani stated that RIL and the Reliance Foundation will collaborate with other organisations in Gujarat to enhance the infrastructure for sports, education, and skills. Ahmedabad is most likely going to submit a proposal for this.

The head of the Adani group, Gautam Adani, announced that his company will invest more than ₹2 lakh crore in Gujarat, generating over 100,000 employment directly and indirectly. In Khavda, Kutch, Adani is building the largest green energy park in the world. The project will produce 30 GW of renewable energy over 725 square kilometres, and Adani said that the complex can be seen from space.

Both Ambani and Adani also paid tribute to Modi’s vision. “I have been one of the fortunate few to have participated in every single edition of Vibrant Gujarat. I have come from the City of the Gateway of India to the Gateway of Modern India’s Growth – Gujarat. I am a proud Gujarati. When foreigners think of New India, they think of a New Gujarat. How did this transformation happen? Because of one leader. Our beloved leader who has emerged as the greatest global leader of our times. And he is Shri Narendrabhai Modi, the most successful Prime Minister in India’s history,” Ambani said.

“It has all your hallmark signatures, merging grand ambition, massive scale, meticulous governance, and flawless execution,” Adani added, referring to the Prime Minister. “ It ignited a nationwide movement as all our states marched forward – competing – and – cooperating – to fundamentally remodel India’s industrial landscape. The statistics of the past decade are remarkable. Since 2014, India’s GDP has grown by 185%, and per capita income by a stunning 165%. This achievement is unparalleled, especially considering this decade’s geopolitical conflicts and pandemic challenges.”

The president of Suzuki Motor Corporation, Japan, Toshihiro Suzuki, announced the construction of a brand-new manufacturing plant in Gujarat with the capacity to produce one million cars annually, as well as the extension of an existing facility close to Sanand, which can now produce one million automobiles. The two projects will get an approximate investment of ₹38,200 crore from Suzuki Motor Corp, the parent firm of Maruti Suzuki India Ltd, the largest passenger vehicle manufacturer in India.

“In the past 10 years, under the strong leadership and consistent support of Prime Minister Narendra Modi for manufacturing industries, Indian automobiles sector has been expanding steadily. As a result, India has become the third largest automobile market in the world,” said Suzuki in his address at the event.

Initially conceived in 2003 as the Vibrant Gujarat Summit, the conference has grown to become one of the nation’s leading platforms for economic cooperation, knowledge exchange, and strategic alliances, under the leadership of then-chief minister Shri Narendra Modi.

Sultan Ahmed bin Sulayem, Chairman of DP World, commended the Gujarati government for setting up the Summit. He outlined DP World’s plan to invest in and build cutting-edge container terminals at Kandla, Gujarat, with a capacity of two million containers, and he praised investment projects like Gatishakti, which will help India and Gujarat realise their potential as economic powerhouses.

Laxmi Mittal, the chairman of ArcelorMittal Group, stated that his company will keep making investments in new markets like green hydrogen and renewable energy in addition to steel. With a total capacity of 24 million tonnes, the ArcelorMittal Nippon Steel India plant will rank among the largest single-location integrated steel plants in the world when the planned expansion is finished in 2029, he said. ArcelorMittal has signed two Memorandums of Understanding for their steel plant at Hazira during the Vibrant Summit.

The chairman of Tata Sons Limited, N Chandrasekaran, stated that Prime Minister Modi’s leadership style and the visionary success Gujarat has made over an extended period of time are evident. He emphasised that significant social progress has also followed economic development, and Gujarat has unquestionably established itself as the entry point to the future. He also elaborated on the expansion plan of the group in Gujarat in the areas of EV vehicles, battery production, C295 defence aircraft and semiconductors. “Gujarat is one of the most important destinations for Tata Group and we will play a key role in its development journey”, he said.

The CEO of Micron Technologies, Sanjay Mehrotra, expressed gratitude to the federal and state governments for their assistance in establishing a state-of-the-art memory assembly and testing facility in Gujarat. He also stated that the first phase, encompassing 500,000 square feet, will be operational by early 2025, resulting in the creation of 15,000 additional community jobs as well as 5,000 direct jobs over the next few years. “The government and Micron could invest up to $2.75 billion combined over both phases,” he stated.

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