The sixth phase of the Energetic Gujarat Summit ended with a total of 1,135 MoUs signed. The MoUs were signed between the Gujarat government and various entities from India and abroad, with a commitment of investments of around Rs 15 lakh crore. These investments are set to create nearly 3.50 lakh job opportunities in the state.
The MoUs were signed in various sectors, such as chemicals and petrochemicals, infrastructure, renewable energy, renewable chemicals, textiles and apparel, food processing, healthcare and pharmaceuticals, automobile and auto components and others. This will be a major boost towards achieving the growth targets of the state.
Details of the Sixth Phase of the Energetic Gujarat Summit
The sixth edition of the Vibrant Gujarat Global Summit, or the Energetic Gujarat Summit, was held between 18th to 20th January 2021. The Summit was inaugurated by Prime Minister Narendra Modi, who graced the occasion virtually from New Delhi. The virtual event saw participation from top-level government ministers, industry leaders, investors and renowned personalities from across India, including Union Ministers, the Chief Minister of Gujarat, several Chief Ministers of other States and Union Territories, and Ambassadors from several countries.
The three-day Summit was organised around the theme of ‘Energy and Infrastructure for Transformation’ and provided a platform for government and government-related stakeholders to discuss and deliberate on key policy proposals, sectoral issues, and commercial and investment opportunities. The summit’s key highlights included the launch of the progressive ‘Energetic Gujarat Infrastructure Initiative’, the framing of the ‘Energetic Gujarat Industrial Policy’, the release of the ‘Energetic Gujarat Employment Facilitation Policy’, and the unveiling of the ‘Energetic Gujarat Investment Attraction Policy’.
Other important announcements made during the summit include the launch of the first National Health Data Grid (NHDG), a new Gwadar-Mumbai Economic Corridor, and the setting up of 11 India-UAE economic corridors. During the summit, initiatives such as the ‘Smart City Financing Model’ and ‘Smart City Knowledge Base’ were presented, and investment inquiries from foreign countries and states of India were also addressed. Several agreements were signed between the Government of Gujarat and different companies from across India and abroad.
The summit concluded with Prime Minister Modi delivering the valedictory address to the participating delegates and reiterating the importance of the Energetic Gujarat Infrastructure Initiative, the Energetic Gujarat Industrial Policy, the Energetic Gujarat Employment Facilitation Policy, and the Energetic Gujarat Investment Attraction Policy in driving global investments and doing business in the state.
Financial Investment Resulting from the Sixth Phase of the Summit
The exact financial investment resulting from the sixth phase of the summit is difficult to quantify. It is estimated that the total investment of the event was roughly $1.34 billion USD, though some argue the total value was much greater due to the multiple facets of investment. This figure includes both public and private investments, as well as investments from the various government agencies of the countries involved, as well as from participating companies. In terms of public investment, the sum of the investments by the different countries totaled approximately $831 million USD. This figure included direct investments by the different countries in infrastructure, projects, and events, as well as contributions to the UN-led Sustainable
Development Goals. In terms of private investment, it is estimated that “up to $500 million USD was invested in local events, businesses, and infrastructure.
” This figure is believed to include investments from large companies and private investors, as well as capital investments from venture capital firms. Overall, this sixth phase of the summit was extremely successful in both engaging new partners, strengthening existing relationships, and bringing in new investments to the region.
Impact of the Sixth Phase on the Local Economy in Rajkot The sixth phase of the Sardar Sarovar Dam project in Rajkot, Gujarat is set to bring significant economic benefits to the local economy. The project is expected to create 8 lakh direct and indirect employment opportunities for individuals and support the growth of numerous industries, including high-tech services, renewable energy, and hospitality. Aside from creating jobs, the project will also significantly reduce power losses and water shortages in the area, thus improving access to essential services.
The project is also expected to reduce pollution levels, especially in the areas around the dam, due to increased water availability and improved wastewater treatment systems. With the successful implementation of the project, there will be an increased influx of investments for various sectors and improved quality of life for the local communities.