Vibrant Gujarat Summit: PM sees Rs30,00,000-cr investments emerging

Prime Minister Narendra Modi today invited global investors to utilise the vast opportunities that India offered with its open economy and a willing government.

Addressing investors at the opening of the eighth Vibrant Gujarat Global Summit, a biennial business meet, the prime minister said the summit aims to facilitate nearly 22,000 such deals with an investment commitment of around Rs30,00,000 crore over the next four days.

''For investment, sky is the limit and our policies are very progressive. India is going to emerge as one of the world's largest construction markets. All this offers unprecedented opportunities to the investment community,'' he said, addressing an impressive audience.

The delegates included Russian deputy prime minister Dmitry Olegovich Rogozin, Kenyan president Uhuru Kenyatta and Portuguese prime minister António Costa, besides captains of industry.

''I assure you that I will be available to hold your hand whenever required,'' Modi said, inviting business leaders to invest in India.

''We have liberalised our FDI regime in various sectors and various ways, India is today the most open economy.''

''Delighted to share that we have become the sixth largest manufacturing nation in the world, up from 9th,'' the prime minister said.

While 'democracy' is India's biggest asset, Modi said,  ''India's strength lies in 3Ds - demography, democracy and demand. Ours is a nation of vibrant youth; the disciplined, dedicated and talented youth of India offers globally unmatched workforce.''

Speaking at the summit, Reliance Industries chairman Mukesh Ambani promised that his group will complete investment of Rs1,25,000 crore in refinery and petrochemical expansion projects in Gujarat by March, exceeding commitments by Rs10,000 crore.

He described Prime Minister Modi as ''a great transformative leader'' who transformed Gujarat and is now transforming India with a series of historic and visionary initiatives.

Tata group patriarch Ratan Tata called himself a Gujarati while addressing the summit and said the state became a hub of car manufacturing in India after his company set up the Nano plant.

''Some years ago I got the fortune and good luck of moving our car factory to Gujarat and soon again with the leadership of Narendra Modi, Gujarat has become one of the hubs of car manufacturing in India,'' he said.

Tata Motors had relocated its plant to produce the Nano car from Singur in West Bengal to Sanand in Gujarat in 2008.

Tata's successor Cyrus Mistry, who was abruptly removed as chairman of Tata Sons last October, and had to subsequently resign as director of operating companies, including Tata Motors, dubbed Nano as one of the ''legacy hotspots'' that ''has consistently lost value''.