Gujarat ranks as India’s top exporter with a transactional value of $2 billion, Prime Minister Narendra Modi said on Wednesday while an addressing an event to mark 20th anniversary of the Vibrant Gujarat Global Summit in Ahmedabad.
Modi emphasised that the summit transcends branding, symbolizing a deep-rooted connection between him and the 70 million residents of Gujarat. He said in the coming years, defence manufacturing will be a very big sector, adding that effective policy-making and efficient project implementation led to growth in growth in investments and employment in textile and apparel industry in the state.
In the automobile sector, investments rose 9x in comparison to 2001 in the state, with a 12x jump in manufacturing output. There has been a 75% contribution in India’s dyes and intermediates manufacturing. The highest share in investment is in agro and food processing industry in the country with more than 30,000 operational food processing units.
Over 50 % share in medical devices manufacturing and about 80 % share in cardiac stents manufacturing is taking place. More than 70% of the world’s diamonds contributing to 80 % India’s diamond exports, and 90 percent share in the ceramic market of the country with about 10 thousand manufacturing units of ceramic tiles, sanitary ware and different ceramic products are in the state.
PM said that India has to become the third largest economy in the world. He asked the industrialists to focus on sectors which will help in giving new possibilities to India. He asked for a discussion to take place in the startup ecosystem, agri-tech, food processing and Shri Anna.
Talking about the growing need for institutions of financial cooperation, the Prime Minister commented on the increasing relevance of GiFT City. “GIFT City reflects the whole government approach. Here the Centre, state and IFSC authorities work together to create the best regulatory environment in the world. We should intensify efforts to make it a globally competitive financial marketplace.
The Vibrant Gujarat Global Summit, initiated under the leadership of then Chief Minister of Gujarat, Shri Narendra Modi, commenced its journey 20 years ago on September 28, 2003. Over time, it evolved into a globally recognized event and one of India’s premier business summits. While the summit featured about 300 international participants in 2003, it attracted thousands of delegates from more than 135 nations in 2019.
Over the past two decades, the Vibrant Gujarat Global Summit has transitioned from its initial goal of “Making Gujarat a preferred Investment Destination” to the broader mission of “Shaping a New India.” Its unparalleled success has served as a model for the entire nation and inspired other Indian states to organise similar investment summits.