• 14 Apr, 2024

Gujarat Summit 2024: The pace of development of Gujarat will be accelerated

Gujarat Summit 2024: The pace of development of Gujarat will be accelerated

The Vibrant Gujarat Summit 2024 became the epicenter of economic optimism as visionary leaders, including Gautam Adani and Mukesh Ambani, unveiled transformative investment plans worth billions.

The Vibrant Gujarat Summit 2024 became the epicenter of economic optimism as visionary leaders, including Gautam Adani and Mukesh Ambani, unveiled transformative investment plans worth billions. Against the backdrop of this influential summit, these industry stalwarts showcased their commitment to fueling Gujarat's economic growth. The announcements not only underscored the robust potential of the region but also illuminated the foresight of business leaders who are catalysts for change. The dynamic investment pledges from luminaries like Adani and Ambani are poised to redefine the economic landscape, ushering in a new era of prosperity and development for Gujarat and beyond. The summit, with its powerful announcements, stands as a testament to the vibrancy and resilience of Gujarat's economic ecosystem.   

 

On January 10, the Vibrant Gujarat Global Summit 2024 got underway, and it will run through January 12. The highlight of the event was Prime Minister Narendra Modi's powerful words of optimism for the country's future, but on Wednesday, important announcements of investments and projects in India were made by prominent global business executives.   

 

During the Gujarat summit, Gautam Adani and Mukesh Ambani, the two richest businessmen in India, spoke on stage regarding the future of the state's businesses. In the upcoming years, they also declared billion-dollar investments in Gujarat.   

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What are the big news related to investment?   

 

The richest man in India, Gautam Adani, declared during the Vibrant Gujarat Global Summit 2024 that Adani Groups, his company, would make $24 billion in investments in Gujarat over the following five years. According to him, Gujarat will gain one lakh new jobs as a result.   
 

2 In addition, Gautam Adani stated that his company will contribute about $100 billion over a ten-year period to the nation's transition to renewable energy.   

 

Reliance Industries Chairman Mukesh Ambani announced plans to establish India's inaugural state-of-the-art carbon fiber facility in Hazira, Gujarat. Additionally, Ambani disclosed that a sprawling green energy giga complex spanning 5,000 acres would be established in Jamnagar by 2024. This bold initiative underscores Reliance's commitment to pioneering advancements in sustainable technology and consolidates their position as a key player in the renewable energy sector.   

 

Mukesh Ambani, in a recent announcement, officially confirmed India's bid for the 2036 Olympics. He expressed Reliance's commitment to actively support the authorities in various developmental projects related to this monumental endeavor. Ambani's assurance signifies a pivotal collaboration between the corporate giant and the government, highlighting a shared vision for India's global participation in the sporting arena.   

 

At the Gujarat summit, Tata Group Chairman N. Chandrasekaran announced plans for a semiconductor factory in Dholera, Gujarat. The factory is slated to commence operations in 2024, marking a significant stride for Tata Group into the high-tech industry.   
 

In addition, over the course of the next two months, Tata Group plans to build a 20 gigawatt lithium ion storage battery factory in the state of Sanand.   

 

Suzuki Motor Corporation's President, Toshihiro Suzuki, revealed plans to invest ₹35,000 crore in building a second production site in Gujarat. The multinational automobile manufacturer aims to boost its annual production capacity to around 40 lakh units by 2030–31.   

 

Dutch and Singaporean companies are set to invest over $7 billion in India in the upcoming fiscal year. Moreover, Yotta, a partner of global tech giant Nvidia, is gearing up to launch an "artificial intelligence data center" in GIFT City by March 2024. This significant development underscores India's growing appeal for foreign investments and its emergence as a hub for cutting-edge technology infrastructure.   

 

Lakshmi Mittal, Chairman of ArcelorMittal, recently announced plans to build the world's largest steel factory by 2029 in Hazira, Gujarat. The facility, boasting an impressive 24 million-ton annual capacity, signifies a significant stride in the steel industry. This ambitious venture underscores Mittal's commitment to further elevating ArcelorMittal's global standing and contributing to the economic landscape of Hazira, Gujarat.   


10 During a summit speech, Prime Minister Narendra Modi expressed confidence in India's economic trajectory, citing projections that place the country among the world's top three economies in the coming years. Highlighting collaborative efforts, he emphasized the substantial memorandums of understanding signed between India and the United Arab Emirates. These agreements entail significant investments, amounting to billions of dollars, earmarked for development initiatives in Gujarat and other states.