PM Modi too made a strong pitch to woo global investors to the world’s fastest growing economy, saying there are new opportunities across sectors and regions for mutual prosperity.  His pitch came months before he seeks a third term in Lok Sabha elections, in which the economy is a central issue, and also as global businesses look at India to diversify supply chains beyond China. 

The Prime Minister, during his address, said that the world looks at India as a “powerhouse for talented youth, a technology hub for finding solutions and a democracy that delivers”, and the country is on its way to becoming the third largest economy in a few years.

Check Key Highlights from Vibrant Gujarat Summit Day 1

‘World looks at India as global growth engine, trusted friend, pillar of stability…’ PM Modi at Summit

PM Modi said the world looks at India as an important pillar of stability, a trusted friend, an engine of growth in the global economy, a technology hub for finding solutions and a powerhouse of talented youth. made significant announcements regarding substantial investments in India’s port infrastructure, underscoring the country’s resilience and economic momentum. PM asserted, “Today, India is the fifth largest economy in the world. 10 years ago, India was in the 11th 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.”

50% MoUs signed during Summit are ‘Green MoUs’ says Gujarat CM Bhupendra Patel

Chief Minister Bhupendra Patel who extended his warm welcome to delegates from over 130 countries, emphasising the summit’s significance in fostering international collaboration. CM Patel said, “I welcome 34 partner countries and delegates from over 130 countries to the Vibrant Gujarat Summit. PM Modi has taken the idea of ‘One Earth, One Family, One Future’ to the world. The success of India’s G20 presidency has made the country proud.” During his address, the Gujarat CM also said that most of the Memorandums of Understandings (MoU) signed at this year’s summit were green Mou’s. “I am elated to tell you that 50 per cent of MoUs signed during this Summit are ‘Green MoUs” the Gujarat CM said.

UAE President Mohammed bin Zayed Al Nahyan address at the Vibrant Gujarat Summit

UAE President Mohamed bin Zayed Al Nahyan addressed the Vibrant Gujarat Global Summit 2024 on Wednesday. The President’s speech signified UAE’s strong ties with India and PM Modi. Following his speech, the Prime Minister in a post on social media platform X, lauded the UAE President and said that his statements were very encouraging. “India is proud of his ideas and efforts to strengthen India-UAE relations,” PM Modi said.

Mukesh Ambani calls Narendra Modi, the most successful PM in India’s history

Mukesh Ambani praised PM Modi as the most successful prime minister in India’s history and credited him for the transformation of Gujarat into the face of New India. “Our beloved leader who has emerged as the greatest global leader of our times,” Mukesh Ambani said. “No other summit of this kind has continued for 20 long years — and going from strength to strength. This is a tribute to our Prime Minister Shri Narendrabhai Modi’s vision and consistency,” Mukesh Ambani said. Ambani also said that his company Reliance will set up India’s first and world-class carbon fibre facility at Hazira.

Investments announcements from top CEOs of private companies

DP World to build container terminal in Gujarat, the company’s Chairman Sultan Ahmed bin Sulayem. Maruti Suzuki’s President Toshihiro Suzuki also unveiled investment plans in the state. The company will invest ₹35,000 crore to set up its second manufacturing facility in Gujarat as it looks to ramp up annual production capacity to over 40 lakh units by 2030-31. Toshihiro Suzuki disclosed plans for Suzuki Group to infuse ₹3200 Crore into Suzuki Motor Gujarat which aims to add a new production line, marking the fourth in total, with a capacity to manufacture 2.5 Lakh units per year. Gautam Adani announced ₹2 lakh crore investment in Gujarat, largely in building a green energy park that would be visible even from space. Mukesh Ambani said his company Reliance will set up India’s first and world-class carbon fibre facility at Hazira. Tata Group to build a semiconductor factory at Dholera in Gujarat, Tata Sons Chairman N Chandrasekaran said. ArcelorMittal to build the world’s single biggest steel manufacturing factory at Hazira in Gujarat by 2029, company’s executive chairman Lakshmi Mittal announced.

Nikhil Kamath speaks on startup success at Vibrant Gujarat Summit, calls ‘the last 10 years incredible’

Nikhil Kamath, Co-Founder & CFO, Zerodha said “The last 10 years has been incredible and I’m not the only exception here in India, there are many other exceptions like me. The big change in India from the last decade has been that entrepreneurship has moved from something that we have all watched around us, heard in movies or thought could happen, something that we aspire to, to entrepreneurship today, which is something that we all are actively trying. You could take an example of this being a housewife watching Shark Tank, a small-time shoe salesman selling online on Flipkart. These are not stories that existed ten years ago. To that one man in the audience here today who has facilitated the stable ecosystem, I would like to say thank you PM Modi for having created this ecosystem…”

‘Bharat best and the most competitive country in producing cars’, says Morocco’s Industry & Commerce Minister Ryad Mezzour

Ryad Mezzour in his address said, “The best and the most competitive country in producing cars is Bharat. Moreover, thanks to our ideal position as a continental and world-class hub…Morocco and Bharat can work closely through a South-South triangular cooperation to promote growth in Africa, India and the world. Indeed, our strategic partnership should also enable our countries to develop joint initiatives that include the entire African continent in the process of industrializing and developing economies but also to ensure food and health. The time is right for Morocco and Bharat to forge a stronger, more dynamic partnership…”

Deakin University to be 1st foreign university to establish international branch campus at Gift City

While speaking to news agency ANI, Matthew Johnston, Minister Counsellor, Education and Research Australian High Commission said, “It is a great pleasure to be here today. We are really proud that Deakin University will be the first foreign university to establish an international branch campus at Gift City, here in India. We are happy to be supporting Govt of India and Govt of Gujarat’s aim and ambition of education…”

India signs cooperation agreements with UAE, Czech Republic

India signed a slew of bilateral cooperation agreements with the United Arab Emirates and the Czech Republic at the Vibrant Gujarat summit. With the UAE, India reached agreements on healthcare, development of food parks, and renewable energy, while with the Czech Republic it signed a strategic partnership on innovation. Read more details here

Essar Group to set up 1GW green hydrogen project in Jamnagar

Essar Group is setting up a 1-gigawatt green hydrogen project (1,000 megawatt) in Gujarat’s Jamnagar, besides expanding its ports and power businesses in the western state, said Prashant Ruia, Promoter Director, Essar Group. Speaking to ANI on the sidelines of the Vibrant Gujarat Global Summit, Ruia said, “We are focusing on three to four areas in India. In Gujarat, we are setting up a 1,000 MW green hydrogen project in Jamnagar. Also, we want to expand our existing power and port projects.”

PM Modi discusses renewable energy, smart city solutions with Emerson CEO Lal Karsanbhai

On the sidelines of the vibrant Gujarat Summit, Prime Minister Narendra Modi met with Emerson President and CEO, Lal Karsanbhai, in Gandhinagar today. The Prime Minister discussed with the Emerson CEO deploying large-scale renewable energy and smart city solutions.

“PM Modi had a meeting with Lal Karsanbhai, President and CEO of Emerson, in Gandhinagar. They discussed India’s rapidly expanding manufacturing and construction sector and the opportunity for Emerson to increase its production capacity in India for both domestic consumption and export. They also discussed the potential for Emerson to deploy large-scale renewable energy and smart city solutions,” an official statement from the Prime Minister’s Office (PMO) said.

(With agency inputs)

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Published: 10 Jan 2024, 03:18 PM IST