Gujarat Committed To Become 5 Trillion USD Economy: CM Bhupendra Patel

Mumbai (Maharashtra) [India]: Gujarat is committed to becoming a 5 trillion USD economy, said Gujarat chief minister Bhupendra Patelon Wednesday, while addressing a roadshow of Vibrant Gujarat Global Summit 2024 in Mumbai.

During his address, Patel presented the success story of the state in the field of business and industry, as well as consulate generals of various countries.
Speaking about Prime Minister Narendra Modi’s vision to make India a five trillion USD economy, the CM specifically stated that Gujarat is committed to becoming a five trillion USD economy.

“To achieve this, the goal is to attain a Compound Annual Growth Rate (CAGR) of 14 per cent by 2027 within crucial manufacturing sectors, including Semiconductor Manufacturing, Green Hydrogen, Electric Vehicles (EV), Pharmaceuticals, Textiles, and Technical Textiles, among others,” Gujarat CM Bhupendra Patel said.

The Chief Minister also invited industry leaders to participate in the 10th edition of the Vibrant Summit in January 2024.

The Chief Minister also engaged in one-to-one meetings with 13 leading industry leaders. Some of the prominent industrialists include N Chandrasekaran, Chairman, of Tata Sons Private Limited, Sanjiv Puri, President CMD, ITC Limited, S N Subrahmanyan, Chairman & Managing Director, L&T, Dipak Gupta, Managing Director & CEO, Kotak Mahindra Bank, L V Vaidyanathan, Managing Director, India & South Asia, P&G, Jai Shroff, Chairman & Group CEO, UPL, among others.

During these meetings, the Chief Minister elaborated on the success of the Vibrant Gujarat Summit, showcasing how the state has emerged as a role model of development.

The Chief Minister emphasized that the Vibrant Summit, initiated by Prime Minister Narendra Modi in 2003 as Chief Minister of Gujarat, has made the state a globally renowned destination of choice for investors and a centre of major economic activities. He highlighted that the success of Vibrant Summit, has propelled Gujarat’s GSDP from Rs.

1.42 lakh crore in 2003 to Rs. 22.61 lakh crore in 2023. Not only this, Gujarat’s economy has grown at a cumulative annual growth rate of 15 per cent, above the national average.
The Chief Minister emphasized that 38% of the Delhi-Mumbai Industrial Corridor passes through Gujarat.

“Additionally, work is underway on the high-speed Mumbai-Ahmedabad rail corridor for the bullet train. These pivotal projects will benefit the logistics sector and economic activities of Gujarat and Mumbai,” CM Patel added.

He unequivocally mentioned that Gujarat’s forthcoming wave of economic growth will be driven by forward-looking industrial infrastructure projects such as GIFT City, DREAM City, the Hybrid Solar and Wind Renewable Energy Park, and Dholera SIR.
Prominent financial institutions, such as the World Trade Center, GIFT-NIFTY, and Bank of

America, are established within GIFT City. GIFT City takes pride in being home to the nation’s inaugural International Bullion Exchange.

We will actively embody the theme “Gateway to the Future” by organizing seminars and events dedicated to emerging sectors in the forthcoming Vibrant Summit, the Chief Minister added. He extended an invitation to leaders of the trade, industry, and finance sectors, to participate in the Vibrant Summit 2024 and harness the vast growth potential across various sectors in Gujarat.

More than 350 leaders from business and industry sectors and around 35 diplomats participated.

The event was graced by the presence of several distinguished dignitaries including Gujarat’s Finance and Energy Minister Kanubhai Desai, Industries Minister Balwantsinh Rajput, Minister of State Jagdish Vishwakarma, Chief Principal Secretary to the Chief Minister, K Kailashnathan, and senior secretaries.

Chief Secretary Raj Kumar highlighted that Gujarat has become the preferred investment destination for foreign investors, due to proactive policy-making, a conducive business environment, and an investor-friendly approach. S J Haider the Additional Chief Secretary of the Industries Department, narrated the two decades of Vibrant Summit’s success through a comprehensive presentation.

Dhanraj Nathwani Group President of Reliance Industries, Kaku Nakhate, Country Head of Bank of America, along with Kulin Lalbhai of Arvind Limited, shared their experiences and lauded the investor-friendly environment in Gujarat.