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Companies Commit Rs 2 Lakh Crore at Vibrant Gujarat Summit

Big corporates - including the Ambanis, the Adanis and the Birlas as well as Suzuki and Rio Tinto from abroad on Sunday committed to investing about Rs 2 lakh crore and creating more than 50,000 jobs, as Prime Minister Narendra Modi promised to make India the 'easiest' place to do business with a stable policy and tax regime.
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File photo of Prime Minister Narendra Modi
File photo of Prime Minister Narendra Modi

Gandhinagar: Big corporates - including the Ambanis, the Adanis and the Birlas as well as Suzuki and Rio Tinto from abroad - on Sunday committed to investing about Rs 2 lakh crore and creating more than 50,000 jobs, as Prime Minister Narendra Modi promised to make India the 'easiest' place to do business with a stable policy and tax regime.

Mr Modi also promised "truly unlimited" development across sectors and regions, while business leaders lined up huge investment commitments and signed 31 MoUs (memorandums of understanding) across sectors on the first day of the three-day Vibrant Gujarat Summit.

Addressing an audience, with US Secretary of State John Kerry, UN Secretary General Ban Ki-moon and World Bank President Jim Yong Kim and top CEOs in attendance, Mr Modi expressed the government's commitment to "creating a policy environment that is predictable, transparent and fair" and a stable tax regime.



"Ease of doing business in India is a prime concern for you and for us. I assure you that we are working very seriously on these issues."

"We want to make them not only easier than earlier; not only easier than the rest; but we want to make them the easiest," he said, seeking to address concerns of investors with regard to red tape and problems that had emanated from retrospective tax amendment of the previous UPA government.

Participating in the deliberations, several CEOs made lavish investment commitments.

Reliance Industries chairman Mukesh Ambani announced Rs 1 lakh crore investment across businesses in the next 12-18 months in the state, while Aditya Birla Group chief Kumar Mangalam Birla promised to pump in Rs 20,000 crore over a period of time to ramp up capacities across various existing facilities.

Adani Group and US-based SunEdison committed to investing Rs 25,000 crore for a solar park and Welspun Renewables announced Rs 8,300 crore to set up about 1,000 MW solar and wind capacities in Gujarat. (Read more)

Commitments were also made by other business houses like Kalyani Group.

Hong Kong-based China Light & Power Holdings Ltd is planning a 2000 MW coal-based power plant in Gujarat. The project cost is estimated at around $2 billion (approximately Rs 12,400 crore).

On Saturday, wind turbine maker Suzlon had committed Rs 24,000 crore over 5 years to generate 3,000 MW in Gujarat. (Read more)

Describing India "a bright spot in an otherwise mediocre global economic outlook", the World Bank chief said the country would grow at 6.4 per cent in 2015 and accelerate further next year.



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