Prime Minister Narendra Modi kicked off the 10th edition of the Vibrant Gujarat Global Summit on January 10. Touted as the Davos of the East, the three-day summit will be continue till January 12 in Gandhinagar.
The summit, which is being hosted after a gap of five years, instead of the usual schedule of alternate years, is expected to attract investments worth billions of dollars. With an estimated population over 70 million people, Gujarat is reportedly the third-largest and one of the fastest growing state economies in the country. According to Chief Minister Bhupendra Patel, the summit’s success has raised Gujarat’s Gross State Domestic Product (GSDP) from Rs 1.42 lakh crore in 2003 to Rs 22.61 lakh crore in 2023.
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The summit has not only contributed to Gujarat’s growth story and put PM Modi on the global stage as a leader encouraging investments in the country.
Vibrant Gujarat and economic growth
Organised by the Gujarat government, the event was aimed at bringing investments to the state not only from other states but also other countries. It was conceptualised in 2003 by Narendra Modi who was then the chief minister.
The state celebrated 20 years of Vibrant Gujarat last year. PM Modi had credited the investment summit for helping Gujarat take a turn after a phase of political instability, destruction by a cyclone, a massive earthquake, and communal violence.
“There was a conspiracy to defame Gujarat on the world stage. There was an atmosphere of depression. It was said that Gujarat can never stand on its feet… Vibrant Gujarat was organised at a time when the then Union government used to give Gujarat’s government second-rate treatment. Foreign investors were dissuaded from going to the state,” Modi had said at an event in Ahmedabad to mark 20 years of Vibrant Gujarat.
Also read: Vibrant Gujarat Global Summit: Everything you need to know about 3-day global event
Each summit has been organised around a guiding motto. This year, it is called 'Gateway to the Future'. During the summit, various sectoral seminars are organised by the state and partner countries. The state recorded nearly 84 percent surge in FDI during 2022-23, marking the highest growth among all Indian states and Union Territories, according to the summit website.
Why is the 10th edition important?
The last summit was held before the Covid-19 pandemic in 2019. It also marks the completion of 20 years since its inception and has been dubbed the ‘Summit of Success’.
Since 2009, the state government has also sought partner countries for the event. In 2009, Japan came forward. The number of partner countries gradually increased. This edition will see the participation of 34 confirmed partner countries, including 21 for the first time.
However, Canada, which has been a partner since 2011, is missing from the list this time. Canada’s diplomatic standoff with India over the killing of Khalistan separatist leader Hardeep Singh Nijjar may be considered a reason for its absence. Mega projects such as the GIFT city, DREAM city, Dholera SIR and the world’s largest hybrid renewable energy park are part of this year’s edition.
Vibrant Gujarat and Modi’s image
Ahead of the 2024 general elections, the investment climate in the country and particularly in PM Modi’s home state Gujarat is considered to be attractive as a financially secure economic hub for businesses owing to political continuity and stability. A senior BJP leader in Gujarat told the Indian Express that the summit helped raise Modi’s profile in national politics. Several other states, including Uttar Pradesh, Uttarakhand, Himachal Pradesh, Rajasthan and West Bengal, too, have emulated the idea.
“Of course, Vibrant Gujarat has played a big role in promoting and catapulting Modi on the national scene. He is not a businessman and still he came up with such an idea and mentored it to the current heights. A political person would never think of such a thing,” the leader told the newspaper.
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