Moneycontrol
Jan 11, 2017 10:14 PM IST | Source: CNBC-TV18

Cash ban fails to dampen Vibrant Gujarat; 24,000 MoUs signed

JN Singh, Chief Secretary of Gujarat told CNBC-TV18 the state has signed over 24,000 MoUs worth approximately Rs 30 lakh crore or more. This, he says, has hinted demonetisation has not dampened sentiment as much as was talked of. A chunk of investments is lined up in the ports sector, he said.


On the second day of the eight edition of the Vibrant Gujarat Global Summit 2017 CNBC-TV18 spoke to a host of industry and government participants on the financial commitments in the state and their take on the demonetisation impact on the economy.


JN Singh, Chief Secretary of Gujarat told CNBC-TV18 the state has signed over 24,000 MoUs worth approximately Rs 30 lakh crore or more. This, he says, has hinted demonetisation has not dampened sentiment as much as was talked of. A chunk of investments is lined up in the ports sector, he said.  


Among bankers, ICICI Bank Executive Director Anup Bagchi spoke about the declining cost of funds. The bank will continue to pass on any decline to customers, he said.


As for the bank’s commitment at the Summit, he said, the bank’s credit deposit ratio in the state is already at 151 percent, which means for every Rs 100 deposit the bank is giving out Rs 151 by way of loans.


He noted a lot of normalcy has returned with currency coming back to the system and digital push will streamline things further and aid in credit growth.


Welspun Group Chairman, BK Goenka spoke about the three MoUs worth Rs 4,000 crore that the company has signed at the Summit. One of the investments worth Rs 2,000 crore is for development of a coastal economic zone for textiles, while Rs 1,000 crore each of the balance is in the advanced and technical textile segments, respectively, he said.

He said the company is back in talks to revive relations with their key customer Target, which it had lost due to quality issues. Target contributed overall 9-10 percent to the company’s revenue.

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