India’s three states have embarked on a journey to attract investments into the state
Being a pioneer in this model, Gujarat has had a successful summit. While Bihar and Uttrakhand have a fair share of experience, they have a long way to go. All three states will aim to ensure that big corporates from India and abroad set up projects in their states. The state government’s focus has been to use the new policies and schemes to attract investors and open up their resources for better utilisation. In addition, the two BJP-ruled states would like to encash the double-engine hypothesis propagated by the party leaders. All three states have put their best foot forward. In the next few months, which states have successfully wooed will become clear. That will determine the success of Investor Summits.
‘GATEWAY TO THE FUTURE’ VIBRANT GUJARAT GLOBAL SUMMIT
Vibrant Gujarat Global Summit, conceptualised in 2003 under the visionary leadership of Narendra Modi, Prime Minister of India (the then Chief Minister of Gujarat), has today evolved as one of the most reputed global forums for business networking, knowledge sharing and strategic partnerships for inclusive growth and sustainable development.
The Vibrant Gujarat Global Summit 2024 agenda carried forward the national priorities and themes of G20 and I2U2, spreading its reach and vibrancy at state, national and international levels. The “Tenth Edition” of Vibrant Gujarat celebrated “20 Years of Vibrant Gujarat as the Summit of Success”.
The Prime Minister, Narendra Modi, inaugurated the 10th edition of Vibrant Gujarat Global Summit 2024 in Gandhinagar on January 10. The theme of this year’s summit is ‘Gateway to the Future’ and includes the participation of 34 partner countries and 16 partner organisations. The Ministry of Development of the North-Eastern Region successfully utilised the Vibrant Gujarat platform to showcase investment opportunities in the North-Eastern regions.
Speaking at the Summit, Prime Minister Narendra Modi said, “It has been 20 years since the beginning of the Vibrant Gujarat Summit. In these two decades, this initiative has been a trailblazer and trendsetter. It showed that thinking big is the first step to making a big impact. It showed how one State of India could institutionalise a way to connect Indian and international investors with the aspirations of our youth. It also set a national benchmark that many States successfully emulated, thus strengthening the Indian economy.
As always, Vibrant Gujarat Summit continues to achieve new heights with the vision of a prosperous Gujarat for a self-reliant India.” The 10th edition of the Vibrant Gujarat Global Summit witnessed many visionary leaders and global conglomerates converging to discuss and announce groundbreaking initiatives to reshape India’s industrial landscape. Adani Group Chairperson Gautam Adani announced a colossal investment plan, stating, “Over the next five years, the Adani group will invest over Rs 2 Lakh Crores in Gujarat,” focusing on expanding the green supply chain for an Aatmanirbhar Bharat and creating the largest integrated renewable energy ecosystem. Jeffery Chun, Global CEO of Simmtech from South Korea, highlighted the company’s plans for a significant colocation investment in India, following in the footsteps of their key customer Micron’s project in Gujarat. It is a major player in the supply chain for the semiconductor assembly and test industry. Sanjay Mehrotra, CEO of Micron Technology, announced its plans to build a state-of-the-art memory assembly and test facility in Gujarat, reinforcing its commitment to India’s semiconductor sector.
Tata Sons Chairman Natarajan Chandrasekaran announced plans to build a massive giga factory for 20 GWs of lithium-ion batteries in Sanand, with construction set to commence in the next few months. This initiative aligns with India’s growing emphasis on sustainable and electric mobility solutions.
President of Suzuki Motors, Toshihiro Suzuki, shared ambitious plans during the summit. He announced the rollout of the first Battery Electric Vehicle (BEV) from Suzuki Motor Gujarat by the end of the year. The company aims not only to cater to the Indian market but also to export the model to Japan and European countries. Suzuki Group plans to invest Rs 3200 Crore in Suzuki Motor Gujarat, adding a new production line to increase annual capacity from 7.5 Lakh to 1 million units.
POWER OF MIDDLE-CLASS IN UTTARAKHAND, A HUGE MARKET
Uttarakhand is a state where anyone visiting it will experience divinity and development together. Over the last few years, the state has rapidly transformed into an economic powerhouse.
Uttrakhand, with an unbeatable combination of single-point clearances, Competitive Land prices, Cheap Power, Highly skilled human resources, Good law & order, and Proximity to the National Capital Region, Uttarakhand has emerged as a preferred Investment destination in India.
Uttarakhand Government’s 15plus investor-friendly sectoral policies, good governance initiatives, enabling regulatory environment and sustainable practices were showcased at ‘Uttarakhand Global Investors Summit 2023.’
It was the right step by Pushkar Singh Dhami, the pragmatic and visionary Chief Minister of Uttarakhand, towards establishing Uttarakhand as a new investment destination. The two-day summit was held on the 8th and 9th December, 2023, with the theme – “Peace to Prosperity”. Thousands of investors and delegates from across the world attended the summit. It witnessed the participation of Union Ministers, Ambassadors of various countries, and leading industrialists, among others.
The Prime Minister, Narendra Modi, inaugurated ‘the Uttarakhand Global Investors Summit 2023’ referring to the investors present on the occasion as the heavyweights of the industry; he drew the analogy of a SWOT analysis carried out by the multinationals and emphasized performing this exercise on the nation.
He highlighted that the SWOT analysis results will indicate an abundance of aspirations, hope, selfconfidence, innovation and opportunities in the country. He also mentioned the indicators of policydriven governance and the resolve of the citizens for political stability.
Modi appealed to the rich, the affluent and the youth of the country to initiate the ‘Wed in India’ movement along the lines of ‘Make in India’. He requested them to perform and organize at least one marriage ceremony in Uttarakhand in the next five years. “Even if 5000 weddings take place in 1 year in Uttarakhand, a new infrastructure will come into place and transform the state into a wedding destination for the world”, he said, highlighting India’s potential to achieve any resolve it takes.
The Prime Minister said a strong wind of change is blowing in India. An aspirational India has been created in the last 10 years. Many of the previously deprived populations are being connected to schemes and opportunities. Crores of people who have come out of poverty are giving new momentum to the economy. Both the middle class and the Middle class are spending more. “We have to understand the potential of India’s middle class. This power of society in Uttarakhand is also creating a huge market for you”, Modi added. On the last day of the Uttarakhand
Global Investors Summit, Sec. CM Dr. R Meenakshi Sundaram & Sec. industries Dr. V.S Pandey informed media that MoUs worth ₹3.5 lakh crore had been signed. CM Dhami said that the grounding of projects worth ₹44,000 crore has been done, which is the highest till now done in any financial year. He pointed out that grounding for projects has been done in four main sectors: Manufacturing, Energy, Hospitality and Real Estate. It will provide thousands of jobs to the people of Uttarakhand. The government of Uttarakhand has signed deals with the following companies: Lulu Group, Jumeriah Group, Aster DM Healthcare, and Emaar Group. GTC Group, Flow Group, Carmella Nutrition Technologies, Haxly Group, Hyatt Group & Sharaf Logistics.
INVEST BIHAR BUSINESS SUMMIT MAKES THE RIGHT IMPACTS
Historically celebrated for its agricultural heritage, Bihar has been quietly reshaping its destiny, forging a path from agrarian excellence to diversified industrial growth.
In recent years, Bihar has seen remarkable growth in ethanol production, textiles and leather, general manufacturing, food processing, dairy farming, and horticulture. This newfound industrial prowess sets the stage for Bihar to become a burgeoning economic powerhouse.
Bihar offers a compelling proposition for businesses seeking untapped opportunities. With a vast and skilled workforce, access to abundant raw materials, cost-effective operations, a streamlined singlewindow system, proximity to untapped markets, and ease of export to neighbouring countries, Bihar is a promise for investors.
The government’s transparent and proactive governance, combined with its strategic investments in infrastructure, reflects a commitment to creating an environment conducive to business growth. The economy of Bihar is presently on a continuous growth path, a result of sound development strategies of the state government, particularly the high levels of its development expenditure.
The Invest Bihar summit took place on December 13 and 14, 2023, in Patna. Over 600 investors from India and 15 other countries took part. A total of 278 companies for ₹50,500 crore proposed investments in various sectors, which will likely help to produce more and more jobs within the state. Through the Invest Bihar Summit, the state secured an investment of ₹50,530.42 crore across diverse sectors, attracting 278 investors. The Adani Group also committed to invest an extra ` 8,700 crore in different sectors. The additional investment covers cement manufacturing, logistics, and the agro-industry. The organisation has already invested ₹850 crores, which has already boosted Bihar’s economy.
The diverse participation made the Summit a global platform for discussions, collaborations, and investments. Pranav Adani of Adani Group, Rajneet Kohli of Britannia, Kamal Oswal of Nahar Group of Industries, Rajesh Aggarwal of Micromax Biofuels, and Rakesh Swamy of Godrej Group attended the Summit.
The Summit witness participation of delegates from 15 countries, that included, USA,Taiwan, Japan, Germany, Saudi Arabia, UAE, Russia, Netherlands, Hungary, Nepal, Bangladesh, Mauritius, Vietnam, Madagascar and Uzbekistan.
The major aim and outcome of the Summit:
- Economic Boost: The event attracted investments of ₹50,530 crore, indicating potential economic growth for Bihar.
- Job Creation: The investments from the Adani Group will likely create job opportunities in various sectors.
- Infrastructure Improvement: The release of Bihar Logistics Policy 2023 signals a focus on enhancing infrastructure, including logistics and transportation.
- Diversification: The MoUs cover diverse sectors, promoting Bihar’s more balanced and varied economy.
- Government Support: Emphasis on special status and supportive policies suggests a commitment to creating a favourable business environment.
- Regional Development: Investments in specific districts can lead to balanced regional development. The sectors and investments
General Manufacturing: 99 investors, ₹31,394.14 crore
Food Processing: 124 investors, ₹14,564.11 crore
Services: 30 investors, ₹3,179.81 crore
IT & ITeS: 8 investors, ₹717.55 crore
Textile & Leather: 17 investors, ₹674.81 crore