Editorial January 2024 Global Trends and India s Economic Growth

Rajiv Parikh

15 Jan 2024

Vibrant Gujarat, 2024 Global Summit made its mark by signing of 41,299 MoUs and investment proposals signed worth more than ₹26.33 lakh crore. As per our home minister, Mr. Amit Shah, the country's mastermind for economic and political growth, India is currently the most preferred destination for production and investments. Mr. Bhupendra Patel, Gujarat's Chief Minister conveyed via a post on X, that "Under the guidance of Honorable Prime Minister Shri Narendra Modi, Vibrant Gujarat Global Summit 2024 has created a new record, In the Vibrant Summit postponed due to the coronavirus epidemic in the year 2022, MoUs worth ₹18.87 lakh crore for 57,241 projects were signed." This makes it a total of ₹45.2 lakh crore worth of MoUs for 98,540 projects since 2022. A total of 130,000 participants from 140 countries registered for the Vibrant Gujarat Summit. According to RIL Chairman, Mr. Mukesh Ambani, "India will become a $35 trillion economy by 2047. Reliance will continue to play a leading role in Gujarat's growth story with significant investments in the next 10 years. Specifically, Reliance will contribute to making Gujarat a global leader in green growth. We will help Gujarat target to meet half of its energy needs through renewable energy by 2030"

SJ Haider, additional chief secretary of industries and mines department, said that 35 countries came onboard as partner nations for the three-day VGGS, up from 15 during the event in 2019. The senior official said that Vibrant Gujarat is no longer just an event for business networking or strategic partnership but has emerged as a forum for global priorities and concerns and to discuss concepts like Viksit Bharat' and PM Gati Shakti'. The MoUs have been signed in different sectors, with the highest number of such documents inked in areas related to sustainability, green hydrogen and derivatives, renewable energy, circular economy, etc., he added. The Gujarat government had earlier said that it has so far signed 234 MoUs proposing investments of Rs 10.31 trillion with a potential to generate around 1,300,000 jobs.

"I am quite confident that India can achieve 5 trillion dollar economy target. We will continue to expand our business in steel & mining, and we are also entering into renewable energy. We've signed big MoUs", asserted Lakshmi Mittal, Executive Chairman of ArcelorMittal The world will not be able to reach the sustainable development goals if India is not part of it and not participating. Therefore, we (Norway) think that it is really important to support India in the very ambitious goals that they have for sustainable development," said May-Elin Stener, Ambassador of Norway to India, on the sidelines of Vibrant Gujarat Summit 2024 Finance Minister Nirmala Sitharaman, said "More than 50 crore Indians have bank accounts at present compared to 15 crore in 2014. India is the third largest economy in the world, GDP to cross $5 trillion by 2027-28" Also, Prime Minister Narendra Modi holds a bilateral meeting with Prime Minister of the Czech Republic Petr Fiala in Gandhinagar, Gujarat.

"I came to India in 2003 and set up a company with five people. We have grown to 3,500 professionals. I came to the very first Vibrant Gujarat (Summit) as a delegate and fell in love with the people of Gujarat," said QX Global Group Chairman Chris Robinson. Australia’s High Commissioner to India, Philip Green said, "We in Australia are taking Vibrant Gujarat very seriously. We have got a delegation of 100 business people and that ranges across many industries from infrastructure investment to agritech and especially education. Today is a very big day for Australia in Gujarat because the very first foreign branch campus from any foreign university in the world will be inaugurated today here in Gift City by Deakin University from Australia. That makes all of us Australians very proud." Over next five years, Adani Group will invest over Rs 2 lakh cr in Gujarat, create 1 lakh jobs. At last summit, Adani Group made a commitment to invest Rs 55,000 cr; already invested over Rs 50,000 cr. A green energy park in Kutch having a 30 GW capacity spread over 25 sq km will be constructed.

Maruti Suzuki India (MSI) to invest Rs 35,000 crore to set up its second manufacturing facility in Gujarat. The new plant is expected to start operation in FY2028-29. First battery electric vehicle (BEV) from the Suzuki Group to be rolled out from Suzuki Motor Gujarat by the end of this year. Suzuki Group will invest Rs 3,200 crore in Suzuki Motor Gujarat to add a new fourth production line. The fourth line is expected to start operation from FY2026-27. The automaker will start production of biogas from cow dung. First EV roll out of Gujarat Suzuki plant by end of this year. Tata to build a huge semiconductor fab in Gujarat's Dholera. Construction of a 20 gigawatt lithium ion storage battery factory in Sanand. Manufacturing C295 defence aircraft in Vadodara initially and later in Dholera. First phase of the Indian Institute of Skills to be launched by March 2024. Tata Sons Chairman N Chandrasekaran also shared insights into Tata Sons' foray into semiconductor manufacturing, disclosing that negotiations for a semiconductor fab in Dholera are in the final stages. Ryad Mezzour, the Minister of Industry & Commerce in Morocco, has expressed high praise for Bharat, stating that it stands out as the best and most competitive country in car production. Emphasising the strategic advantage of Bharat's ideal position as a continental and world-class hub, Mezzour sees a significant opportunity for collaboration. He envisions a close partnership between Morocco and Bharat through South-South triangular cooperation, aiming to foster growth not only in Africa and India but also on a global scale. Prime Minister of the Czech Republic, Petr Fiala, has outlined his government's focus on long-term strategic investments, emphasizing key areas such as AI research, electromobility, and semiconductors. Recognizing the pivotal role these technologies play in high-tech industries, from automobiles to mobile phones, the Czech government is keen on fostering innovation in these sectors. PM Fiala sees an opportunity for enhancing Czech-Indian collaboration in nuclear energy research.

Finance Minister of Nepal, Prakash Sharan Mahat, has announced a significant milestone in the energy collaboration between Nepal and India. The two nations have formally entered into a long-term power purchase agreement, aiming to export 10,000 MW of electricity to India over the next decade. This landmark agreement is expected to create substantial investment opportunities in the hydropower sector within Nepal At the Vibrant Gujarat Global Summit 2024, Tiit Riisalo, the Minister of Economic Affairs and Information Technology from Estonia, expressed enthusiasm for collaboration with nations and regions that align with shared values, including democracy, the rule of law, and a market economy. At the Vibrant Gujarat Global Summit 2024, Vahan Kerobyan, the Minister of Economy of Armenia, emphasized the growing significance of economic collaboration between India and Armenia. He highlighted the dynamic nature of trade and investments between the two nations, considering it a pivotal aspect of their economic narrative. Sultan Ahmed Bin Sulayem, the Group Chairman and CEO of DP World, a multinational logistics company based in the United Arab Emirates, has outlined ambitious plans for the next three years. In addition to the existing $3 billion investment, DP World intends to further contribute to Gujarat's economic growth. The company aims to achieve this by constructing a cutting-edge container terminal at Kandla Port, boasting a capacity of 2 million containers. Anticipating enhanced trade, increased employment opportunities, and strengthened cultural ties between India and the UAE, Bin Sulayem emphasized DP World's commitment to Gujarat's development.

Nvidia has announced its collaboration with Yotta Infrastructure to establish an artificial intelligence (AI) data center in Gujarat International Finance Tec-City (GIFT City). Micron, a global leader in semiconductor technology, is set to construct a world-class memory assembly and test facility in Gujarat. This groundbreaking initiative marks the first-of-its-kind endeavor in India, as confirmed by Micron CEO Sanjay Mehrotra. Singapore's to invest Rs 27,000 crore investment in India. Well, the list is long, but in a nutshell, the investments in India will make the economy grow multifold and we as the citizens have to make sure we deliver and make a positive impact in the world with our hardwork, determination and commitment for the next phase of growth in India and the world!


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