"India Ready For Business As Never Before": PM At Vibrant Gujarat Summit

Prime Minister Narendra Modi today highlighted the policies of his government as he urged investors to be part of India's growth story. Addressing the Vibrant Gujarat Summit in Gandhinagar, PM Modi said that the policies initiated by his government has helped the country improve its ranking in the World Bank's Doing Business Report.

"India is now ready for business as never before. In the last 4 years, we have jumped 65 places in the Global Ranking of World Bank's Doing Business Report. But we are still not satisfied. I have asked my team to work harder so that India is in the top 50 next year," PM Modi said. India, the PM said, is aiming to break into the top 50 countries in ease of doing business next year.

The prime minister said that his government has been able to maintain a steady growth rate. "At 7.3%, the average GDP growth over the entire term of our Government, has been the highest for any Indian Government since 1991. At the same time, the average rate of inflation at 4.6% is the lowest for any Indian Government since 1991," PM Modi said.

PM Modi said his government is focused on removing the barriers which were preventing the country from achieving its potential. "From the start of business to its operation and closure, we have paid attention in building new institutions, processes and procedures. All this is important, not just for doing business but also for ease of life of our people," he said.

Within hours of its launch, the mega-trade event saw commitment worth thousands of crores from industrialists. Billionaire Gautam Adani announced over Rs 55,000 crore investment in next five years. Mr Adani said the money will be invested in a clutch of projects in Gujarat including the worlds largest solar park, a copper plant, a cement unit, and a lithium battery manufacturing complex. Kumar Mangalam Birla also announced 15,000 crore investment in the state. Sudhir Mehta of Torrent has committed Rs 10,000 crore in renewable energy.

The Prime Minister of Czech Republic Andrej Babis, President of Uzbekistan Shavkat Mirziyoyev and Prime Minister of Denmark Lars Lokke Rasmussen have arrived in Gujarat to attend the Summit. No delegation from Pakistan would be attending the event, which was initiated in 2003 by PM Modi when he was the Gujarat Chief Minister.

For the first time, the government has organised buyer-seller and reserve buyer-seller meet as part of the trade show, where manufacturers, mainly from the MSME sector, are displaying their products.

Around 1,500 overseas and domestic buyers are expected to visit the trade show, which aims to benefit MSMEs (micro, small & medium enterprises) from Gujarat. Sixteen pavilions are displaying products in as many categories.

Conceptualised in 2003, the Vibrant Gujarat Summit aims to re-establish Gujarat as a preferred investment destination within India.

The Summit has evolved into a platform for brainstorming on agendas of global socio-economic development, in addition to being a facilitator for knowledge sharing and forging effective partnerships.

The eight edition of the event, held in January 2017, witnessed participation from over 25,000 delegates from 100 countries, including 4 Heads of States, Nobel Laureates, Captains of global industry and Thought Leaders.

(With inputs from agencies)