Business leaders at Vibrant Gujarat summit hail Modi as PM vows to make India world's third largest economy

The Prime Minister mentioned that India is the 5th largest economy in the world while it lagged at 11th position 10 years ago.

“Experts can analyze this, but I guarantee that India will become the 3rd largest economy in the world,” he said.

India has become a ray of hope for the world at a time when the world has witnessed multiple geopolitical instabilities, he said.

Reflecting on India’s priorities whose glimpses can be seen in the Vibrant Gujarat Global Summit, the Prime Minister mentioned sustainable industries, manufacturing and infrastructure, new age skills, futuristic technologies, AI and innovation, green hydrogen, renewable energy, and semiconductors.

PM Modi reiterated that the transformations taking place in India are improving Ease of Living and empowering them.

He mentioned that in the last 5 years, more than 13.5 crore people have come out of poverty while the average income of the middle class has been constantly on the rise.

He also touched upon the record rise in the participation of female workforce which is a great sign for India’s future.

“With this spirit”, the Prime Minister said, “I appeal to all of you to become part of India’s investment journey.”

Touching upon the modern policy improvements towards logistics and ease of transportation, the Prime Minister highlighted the rise in the number of airports from 74 to 149 within a decade, doubling of India’s national highway network, tripling of metro network, dedicated freight corridors, national waterways, increase in the port turnaround time and the India-Middle East-Europe Economic Corridor announced during G20.

“These are huge investment opportunities for all of you,” he added.

Pitching the country as an investment destination, Modi said there are new possibilities for investors in every corner of India.

“You are not only investing in India but also shaping a new generation of young creators and consumers. Your partnership with the aspirational young generation of India can bring results which you could not have even imagined,” Modi said.

Modi said that the participation of Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates & Ruler of Abu Dhabi, in the Vibrant Gujarat Global Summit as Chief Guest is special as it signifies the deepening ties between India and UAE.

PM Modi said that his thoughts and support towards India are filled with warmth and heartiness as he mentioned Vibrant Gujarat Global Summit becoming a global platform for economic development and investment-related discussions.

He highlighted the India-UAE partnerships in increasing support to the renewable energy sector, innovative healthcare, and investments of several billion dollars in India’s port infrastructure.

He also mentioned the initiation of operations by UAE’s Sovereign Wealth Fund in GIFT City and aircraft and ship leasing activities by transworld companies.

The Prime Minister gave huge credit to Sheikh Mohammed bin Zayed Al Nahyan for the soaring partnerships between India and UAE ties.

Global business leaders hail PM’s vision

Several top business leaders, including  ArcelorMittal Chairman  Lakshmi Mittal and  Mukesh Ambani of Reliance Group, attended the event and praised the Indian PM's vision.

Lakshmi Mittal recalled visiting the 20th anniversary of Vibrant Gujarat last year in September and praised the Prime Minister’s emphasis on process continuity to create an institutionalized framework for the mega global event of Vibrant Gujarat Summit.

He also highlighted the Prime Minister’s belief in the principles of One Earth, One Family, One Future and strengthening the voice of the global south in every international forum.

Underlining the importance of steel in making a nation self-dependent, Mittal recalled the foundation stone laying of ArcelorMittal Nippon Steel India Hazira Expansion Project in 2021 and informed that the first phase of the project will be completed by the stipulated target year of 2026.

Toshihiro Suzuki, President of Suzuki Motor Corporation, Japan credited the Prime Minister for his strong leadership and thanked him for the support provided to manufacturing industries in the country.

Stating that India has now become the 3rd largest automobile market in the world, Suzuki highlighted the impact of the Prime Minister’s progressive approach on the country’s economic growth.

He also touched upon the company’s plans to roll out the first EV produced in India while also exporting it to European countries and Japan as he underlined the efforts on increasing production capacity.

In his speech, Mukesh Ambani of Reliance Group mentioned a 5000 acre Dhirubhai Energy Giga Complex is coming up in Jamnagar which will be ready to be commissioned in the second half of 2024.

Ambani said: "Second, due to the fastest roll out of 5G, today Gujarat is fully 5G enabled. This will make Gujarat a leader in digital data platform and in AI adoption. Third Reliance Retail will expand its footprint to bring quality products and help lakhs of farmers and small merchants. Fourth, he said, "Reliance will make Gujarat a pioneer in new materials and a circular economy."

He said: "No power on earth can stop India from becoming a 35 trillion dollar economy by 2047. And I see Gujarat alone becoming a 3 trillion dollar economy."

Gautam Adani, Chairman of Adani Group, said India of today is poised to shape the global future of tomorrow, owing to the Prime Minister’s vision of making India ‘Viksit Bharat’ by 2047.

He said Adani Group plans to invest over Rs 2 lakh crores in the next 5 years in Gujarat, thereby creating over 1 lakh direct and indirect jobs.

Jeffrey Chun, CEO Simmtech, South Korea said that as key supply chain partner in the semiconductor assembly and test facilities expressed excitement for their India project as a co-location investment following their major customer Micron’s project in the state of Gujarat.

N Chandrasekaran, Chairman, Tata Sons Limited, elaborated on the expansion plan of the group in Gujarat in the areas of EV vehicles, battery production, C295 defence aircrafts and semiconductor fab, advance manufacturing skill building.

“Gujarat is one of the most important destinations for Tata Group and we will play a key role in its development journey,” he said.

Nikhil Kamat, Founder and CEO of Zerodha, credited Prime Minister Modi for facilitating a stable ecosystem allowing startups to thrive.