Vibrant Gujarat Global Summit (VGGS) 2024: Paving the Way for a ‘Viksit Bharat’

In a momentous ceremony, Prime Minister Narendra Modi inaugurated the 10th Vibrant Gujarat Global Summit at Mahatma Mandir, Gandhinagar, on January 10, 2024. The summit, themed ‘Gateway to the Future’ signifies two decades of success since its inception in 2003. The three-day event, held from January 10 to 12, 2024, witnessed the participation of 34 partner companies and drew delegates from over 130 countries.

Addressing the global audience, Prime Minister Modi emphasized India’s pivotal role as an essential pillar of stability worldwide. He envisions India’s strategic development over the next 25 years, aiming for ‘Viksit Bharat‘ by 2047. The VGGS, in his words, stands as a testament to new ideas, creating a gateway for investments and returns.

Overview of the Summit:

India’s priorities, as outlined at the summit, encompass sustainable industries, manufacturing, infrastructure, new-age skills, futuristic technologies, AI, innovation, green hydrogen, renewable energy, and semiconductors. These priorities provide a glimpse into India’s ambitious economic roadmap.

The summit witnessed the presence of prominent business leaders such as Lakshmi Mittal – Chairman of Arcelor Mittal, Toshihiro Suzuki – President of Suzuki Motor Corporation, and Mukesh Ambani of Reliance Industries, among others.

Highlighting the strengthening of partnerships, PM Modi acknowledged collaborations with I2U2 and other multilateral organizations, aligning with the principles of ‘one world, one family, one future. Meanwhile, Ed Knight, Global Board Chair of the US-India Business Council (USIBC) and Executive Vice Chairman of Nasdaq met PM Narendra Modi at the summit to discuss policy reforms to boost financial inclusion at an industry roundtable focused on growing India’s FinTech ecosystem.

Here are the highlights of the three-day Global Summit 2024:

• H.R.H. Sheikh Mohammad bin Zayed Al Nahyan, President of the UAE and ruler of Abu Dhabi, graced the occasion as the Chief Guest. Notably, several bilateral cooperation agreements were signed at VGGS, including those with the UAE and the Czech Republic.
• The India-UAE partnership forged agreements in sectors such as renewable energy, innovative healthcare, investments in port infrastructure, and the development of food parks. The pact on logistics cooperation between the government of Gujarat and Dubai-based logistics firm DP World promises to enhance trade ties.
• Three separate MoUs were also signed between the UAE and central government departments for New and Renewable Energy, Health and Family Welfare, and Food Processing.
• The partnership with the Czech Republic focuses on innovation, spanning sectors like startup, cybersecurity, digital domains, artificial intelligence, defence, nuclear energy, the circular economy, automobiles, technology, and manufacturing.

PORT DEVELOPMENT:

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• DP World, a multinational logistics company based in Dubai, inked MoUs worth an estimated INR 25,000 Crore with the Gujarat Government to develop sustainable ports, terminals, and economic zones. This includes multi-purpose deep-draft ports in South Gujarat, Special Economic Zones in Jamnagar and Kutch, and Gati Shakti Cargo Terminals at strategic locations.

Additionally, DP World collaborated with the Gujarat Maritime Board to identify opportunities for the development of new ports along the Gujarat coast.

• APM Terminals Pipavav signed an MoU with the Gujarat Maritime Board (GBM) for the construction of Liquid Berth, Container Berth and a Yard, Container Handling Equipment, and Marine Infrastructure Development at Pipavav Port with an estimated investment of INR 3320 Crore.

APM Terminals Pipavav also signed an MoU with Welspun Group for developing a green hydrogen facility in the state targeting export/domestic usage through various models.

RENEWABLE ENERGY:

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• Welspun signed the MoU with the Gujarat government for developing a Green Ammonia Plant in Kutch with an estimated investment of INR 40,000 Crore.
• Ambani spotlighted an estimated investment of INR 55,000 Crore till 2025 and INR 2 Trillion more in the next five years in Gujarat.

RIL (Reliance Industries Ltd) to start the construction of the Dhibubhai Ambani Green Energy Giga Complex, the world’s largest integrated green energy manufacturing ecosystem, over nearly 5000 Acres in Jamnagar, for producing renewable energy-related products such as photovoltaic panels, energy storage, green hydrogen, and fuel cell systems. The company will also set up a carbon fiber facility in Hazira.

• TPREL (TATA Power Renewable Energy Ltd), the subsidiary of TATA Power, signed an MoU with the state government for setting up a 10,000 MW renewable energy power project with an estimated investment of INR 70,000 Crore.
• Avaada Group signed MoUs worth an aggregate of INR 40,000 crore with a total capacity of 6 GW in various locations including the underdeveloped wastelands of Kutch.
• ENGIE has announced an investment of INR 17,200 Crore for developing 2.5 GW multiple renewable energy projects, in addition to its ongoing 400 MW solar project at Surender Nagar.
• Gautam Adani from Adani Group announced an estimated investment of INR 50,000 Crore till 2025 and INR 2 Trillion over the next five years. The overall investments will be made in various sectors including solar panels, wind turbines, hydrogen electrolysers, green ammonia, PVC, and expansions in copper and cement production.

The company plans to build the world’s largest green energy park (expected to be visible from even space) in Khavda, Kutch covering an anticipated 725 SqKm. The facility will produce 30 GW of electricity from solar energy.

SEMICONDUCTOR FACILITY & EV (Electronic Vehicle) MANUFACTURING:

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• TATA Group made major announcements including the opening of the first phase of the Indian Institute of Skills, being developed in partnership with the central and state governments, by March 2024. 

The company is in the stages of final negotiation for a major semiconductor plant in Dholera. It will be a 20 GW lithium-ion storage battery factory in Sanand City and is anticipated to begin commencement in the second half of 2024.

The group is also building C295 defence aircraft in Vadodara, initially to start manufacturing in Dholera.

• Maruti Suzuki India (MSI) will invest an estimated INR 35,000 Crore to set up its second manufacturing facility in Ahmedabad, Gujarat, with an installed capacity of 10 lakh units per year. The company will also launch its first Battery Electronic Vehicle (BEV) by the end of 2024. It plans to invest an estimated INR 3200 Crore in expanding BEV production with a new production line expected to produce 2.5 lakh units annually.
• Korea-based Simmtech, the world’s largest semiconductor PCB manufacturing firm, announced setting up a semiconductor plant in Gujarat with an estimated investment of INR 1250 Crore in Phase I.
• The global leader in semiconductor technology, Micron, announced that the first phase of its memory assembly and test facility, spanning nearly 500,000 SqFt, is expected to be operational by 2025.
• Gensol Engineering, a renewable energy and E-mobility firm, announced an estimated investment of INR 2000 Crore for developing an EV manufacturing unit in the state.

8 MoUs signed in the Agro and Food processing sector on day 2:

• These include investments from Asandas And Sons Pvt Ltd (INR 1100 Crore) in Mehsana, Bheetar Enterprise Pvt Ltd (INR 500 Crore), Tidy Agroceutical Pvt Ltd (INR 400 Crore), GrainSpan Nutrients Pvt Ltd (INR 375 Crore) in Ahmedabad, Sanstar Ltd (INR 300 Crore), J.M. Coconut Product Pvt Ltd (INR 300 Crore), Mac Patel Foods Pvt Ltd (INR 150 Crore) in Mehsana, RPA Agriculture Infrastructure & Solution Pvt Ltd (INR 140 Crore).

HEALTHCARE SECTOR:

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• Meril Group, an India-based global medical device company, signed MoUs worth an aggregate of INR 910 Crore with the state government for multiple projects, including

Meril Healthcare Pvt Ltd will set up its plant at Vapi worth INR 210 Crore, Micro Life Sciences Private Ltd will set up its plant at Vapi worth INR 480 Crore and Meril Life Sciences Private Limited will set up its plant at Vapi with an investment of INR 220 Crore.

STEEL PLANT:

• ArcelorMittal Nippon Steel signed an MoU for Phase II of the company’s steel manufacturing plant at Hazira having an annual capacity of 24 Million tonnes. The first phase of the project is anticipated to be operational by 2026 whereas phase II will be operational in 2029. It is envisioned to be one of the world’s largest steel manufacturing facilities post-completion.

ARTIFICIAL INTELLIGENCE (AI):

• Yotta, a partner company of NVIDIA, is setting up a state-of-the-art AI data center in GIFT City Gujarat, anticipated to be operational before the end of March 2024.

• Infibeam Avenues signed the MoU with the state government for its AI hub named Phronetic AI in the GIFT City worth an estimated investment of INR 2000 Crore.

In conclusion, the 10th Vibrant Gujarat Global Summit held in 2024 marked a significant milestone in India’s economic and strategic development. The substantial investments pledged by major companies reflect a collective effort towards building a resilient and innovative economy, propelling India into a leading role on the global stage. The Vibrant Gujarat Global Summit 2024 not only reinforced India’s commitment to growth but also established a solid foundation for a prosperous and developed future.

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Reference:

DeshGujarat | Gujarat is something we are passionate about, resurgence of Bharat in action

Vibrant Gujarat Summit day 1- reliance, Adani, Tata Group and others make big investment proposals

Maruti to invest 35,000 Cr for 2nd manufacturing plant in Gujarat (biltrax.com)

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Disclaimer:

The information contained herein has been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. This article uses feature images that may not be representative of the project; they are merely for illustration purposes. If you wish the article to be removed or edited, please email editor@biltrax.com.