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25,000 MoUs likely at Vibrant Gujarat summit

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AS MANY AS 25,000 memoranda of understanding (MoUs) are likely to be signed by the Gujarat government at its four-day mega event, the Vibrant Gujarat Global Summit-2017, which will be inaugurated Prime Minister Narendra Modi on Tuessday (January 10) at Mahatma Mandir in Gandhinagar, 30 km from Ahmedabad.

 

According to a senior state government official the MoUs to be inked would be worth Rs 30 lakh crore, surpassing the investment pledged during the previous edition in 2015, adding that 21,910 MoUs with investment promises of over Rs 25 lakh crore have been lined up.

 

A total of  21,304 MoUs worth Rs 25 lakh crore were signed in 2015. Carrying on the legacy of previous seven editions, corporate giants domestic and multinationals are ready to make big-bang announcements during the biennial summit.

 

The business meet is being touted as the biggest-ever summit, which was conceived and launched by Modi in 2003 when he was the Gujarat chief minister.

 

Twelve countries which have partnered the summit are the UK, the US, Australia, Canada, Denmark, France, Japan, Netherlands, Poland, Singapore, Sweden and the UAE.

Seven partner organisations–UK India Business Council, US India Business Council, and British Council, Australia India Business Council, Indo-Canada Chambers of Commerce, Japan External Trade Organisation, UAE India Business Council–will also support the summit.

 

Apart from industry captains, the summit will also host Nobel laureates along with several heads of states for the first time.

 

The PM will hold a dialogue with heads of 35 international and 23 Indian companies at the global CEO roundtable on ‘Transforming India’ on the inaugural day.

 

'The roundtable aims to dig and brainstorm industry’s expectations to make India an ideal investment destination,' PK Taneja, additional chief secretary (industries and mines), said.

 

John Chambers, chairperson of global technology giant Cisco; Bertrand-Marc Allen, president of Boeing International; and Jean-Bernard Levy, CEO of French electricity giant EDF, have already confirmed their participation in a special meeting with Modi.

 

Besides, presidents of Kenya and Rwanda, prime ministers of Portugal and Serbia, and deputy prime ministers of Russia and Poland will be among the dignitaries at the inaugural ceremony. It will also see the participation of delegations from the United Kingdom, Canada, Japan, Sweden and France, among others.

 

Home-grown biggies like Adani group, Torrent group, Zydus group, Sintex Ltd and Nirma Ltd as well as MRF Ltd, Essar group, Ultratech Cement, Reliance group, GHCL Ltd and NTPC Ltd, etc will be announcing their big-ticket investments in Gujarat.

 

MNCs such as Vodafone, China's Pacific Construction group and Sinoma Taishan Fibreglass Inc have also jumped onto the MoU bandwagon.

 

 

Billionaire Gautam Adani-controlled Adani group has readied several investment intentions worth over Rs 34,000 crore for projects in renewable energy , port and edible oil. DCS Power Ltd has proposed Rs 40,000 crore for setting up 10,000 MW for canal top solar power projects on Narmada canal and sub-canals.

 

Other mega investments include Rs 75,000 crore by DMC Infrastructure and Rs 37,500 crore by China-based Pacific Construction group.

 

Despite demonetisation taking its toll on the micro, small and medium enterprises (MSME) business, this segment of the industry have come out with a maximum number of MoUs pegged at 16,634 followed by urban development (1431 MoUs), animal husbandry , fisheries and co-operation (422) and mineral based projects (396).

 

As many as 215 industrial units in Ahmedabad have also decided to ink MoUs worth Rs 1,000 crore during the summit.

 

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