Vibrant Gujarat Global Summit 2024 recorded the highest ever investment in its 20-year history
The three-day Vibrant Gujarat Global Summit concluded on Friday, January 12 at the Mahatma Mandir Complex in Gandhinagar. As per the data provided by state Chief Minister Bhupendra Patel on X, the 10th edition of the summit witnessed the signing of MoUs worth Rs 26.33 lakh crore for 41,299 projects. This is the highest ever amount recorded at the summit which was started in 2003 by Prime Minister Narendra Modi during his tenure as the chief minister of the state.
However, the figure only pertains to the event held in January 2024. The investment amount has surpassed the Rs 45 lakh crore mark if the run up to the summit is taken into account. Providing the update, Patel wrote on X, “In the Vibrant Summit postponed due to the corona epidemic in the year 2022, MoUs worth Rs 18.87 lakh crore were signed in 57,421 projects.”
Hence, the investment amount between 2019, when the last edition was held, and 2024 has managed to reach Rs 45.2 lakh crore for 98,540 projects. While the state government had not provided the total investment amount for the previous edition, the total number of MoUs signed in 2019 was 28,360.
The three day summit saw several big industrialists of the country announce major big ticket investments. Reliance, Tata Group, Adani Group, Suzuki, and ArcelorMittal were among some of the big names who announced expansion of investments in the state. With the theme set as “gateway to the future”, the event saw major focus on renewable energy and semiconductors.
Notably, Micron announced that its first semiconductor unit will begin operations in early 2025. Moreover, South Korean high layer printed circuit board maker Simmtech has also decided to make a colocation investment of over Rs 1,250 crore to support Micron’s operations in the country. N Chandrasekaran, Chairperson of Tata Sons, has also announced plans of establishing a fab unit in Dholera. Its negotiations are expected to conclude by the end of this year.
Union Minister for IT and Electronics Ashwini Vaishnaw, while addressing reporters on the sidelines of the event, said that Tata’s fab unit is expected to be much bigger than Micron. “We will move cabinet note for approval very soon,” he added.
Green energy also received the attention of conglomerates, with both Reliance Industries’ Chairperson Mukesh Ambani and Adani Group’s head Gautam Adani announcing their own green energy offering. Reliance’s Dhirubhai Ambani Green Energy Giga Complex is expected to begin operations in the first half of this year while the construction of Adani Group’s largest renewable energy park in the world also found a mention in Adani’s speech at the inaugural session.
Total Investment Breakdown
As per the detailed breakdown of total investment intention registered provided by state government officials, power, oil and gas sector attracted the highest amount of investment at Rs 17.6 lakh crore between February 2019 and January 2024. These include the investments into the green energy sector.
The other sectors which saw investor attention over the last five years included chemicals, petrochemicals and GIDC large projects (Rs 5.34 lakh crore); engineering, auto, and other industries (Rs5.24 lakh crore); urban development (Rs 3.7 lakh crore), and financial services (Rs 2.2 lakh crore).
MSMEs also saw major investments at the summit, with the total amount crossing over Rs 1.96 lakh crore. State government officials maintained that the focus during this summit was signing quality MoUs to ensure implementation goes smoothly. For the earlier editions, 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.