Rajkot Updates News During the Sixth Phase of Vibrant Gujarat Summit: 135 MOUs Were Signed: The Vibrant Gujarat Summit’s sixth phase has concluded in Rajkot, Gujarat, India. This year’s summit, held from January 11th to 13th, 2023, was a big success. During the summit, 135 Memorandums of Understanding (MOUs) were signed between various national and international enterprises and the Gujarat government. MOUs have been struck in a variety of industries, including manufacturing, infrastructure, tourism, and energy. Gujarat has used the Vibrant Gujarat Summit to highlight its assets, commercial possibilities, and potential. This article will offer an outline of the sixth segment of the Vibrant Gujarat Summit as well as the MOUs signed at the summit.
Overview of the Vibrant Gujarat Summit’s Sixth Phase
The Vibrant Gujarat Summit is a biennial event founded in 2003 by the Gujarat government to encourage national and international investment in the state. The summit gives the state government a forum to display its business-friendly policies, infrastructure, and investment possibilities to investors from India and throughout the world. The sixth phase of the Vibrant Gujarat Summit was opened by the Honorable Prime Minister of India, Shri Narendra Modi, at Rajkot, Gujarat’s fourth-largest city.
The sixth iteration of the Vibrant Gujarat Summit has the subject “Gujarat: Building a Resilient Future.” This subject aimed to emphasize sustainable growth and highlight Gujarat’s efforts to achieve economic progress while protecting the environment. Over 5,000 attendees, including various ministers, officials, and CEOs, came to the conference from over 100 nations.
MOUs Signed During the Summit
135 Memorandums of Understanding were signed during the sixth phase of the Vibrant Gujarat Summit with various businesses and the Gujarati government. These MOUs are anticipated to attract Gujarat investments totaling INR 10,000 crore (or around USD 1.3 billion). The MOUs have been ratified in a number of industries, including:
In the manufacturing industry, several MOUs have been struck in the areas of engineering, textiles, and automobiles. Mahindra & Mahindra Ltd. has inked an MOU to spend INR 500 crore (about USD 68 million) in the state to establish an electric car manufacturing facility. TATA Motors, Ford India, Adani Wilmar Ltd., and JK Paper Ltd. are further businesses that have penned MOUs in the manufacturing industry.
In the area of infrastructure, including ports, airports, and railroads, several MOUs have been inked. With an investment of INR 2,000 crore (about USD 273 million), Adani Ports and Special Economic Zone Ltd. has signed an MOU to build and run a container terminal at the Port of Mundra. IRCON International Ltd., Bharat Forge Ltd., and GVK Power & Infrastructure Ltd. are further businesses that have inked MOUs in the infrastructure industry.
Tourism-related MOUs have been struck with the hotel, medical, and entertainment industries. Hilton Worldwide has agreed to spend INR 200 crore (about USD 27 million) in the management and operation of a five-star hotel in Ahmedabad. In the area of tourism, MOUs have also been inked with Max India Ltd., Aster DM Healthcare Ltd., and PVR Ltd.
Energy-related MOUs have been struck in a number of areas, including renewable energy and power transmission. A memorandum of understanding (MOU) has been signed by ReNew Power Ltd. to establish a solar power facility in the state with an investment of INR 1,500 crore (about USD 204 million). Torrent Power Ltd., Adani Transmission Ltd., and Sterlite Power Grid Ventures Ltd. are further businesses that have entered into MOUs in the energy industry.
Benefits of the MOUs
- The MOUs inked during the sixth phase of the Vibrant Gujarat Summit are anticipated to have a substantial positive impact on the state of Gujarat. These advantages consist of:
- More than 20,000 direct and indirect employment are anticipated to be created in Gujarat as a result of the MOUs.
- Economic Growth: The investments attracted by the MOUs are anticipated to strengthen and contribute to the state’s economy.
- Skills Development: Several MOUs include clauses for initiatives that will help the local workers enhance their skills.
- Infrastructure Development: The state’s transportation, electricity, and communication infrastructure is anticipated to be improved by the MOUs in the infrastructure sector.
The sixth phase of the Vibrant Gujarat Summit has been a great success, with the signing of 135 MOUs across various industries. The MOUs are anticipated to offer the state of Gujarat major investments and advantages, such as job creation, economic growth, skill development, and infrastructure development. The state administration used the Vibrant Gujarat Summit as a crucial forum to exhibit investors from India and overseas its business-friendly policies, infrastructure, and investment prospects.
- What is the Vibrant Gujarat Summit?
- The Vibrant Gujarat Summit is a biennial event initiated by the Government of Gujarat to attract national and international investments in the state.
- How many MOUs were signed during the sixth phase of the Vibrant Gujarat Summit?
- 135 MOUs were signed during the sixth phase of the Vibrant Gujarat Summit.
- Which sectors saw the most number of MOUs during the Vibrant Gujarat Summit’s sixth phase?
- Manufacturing, infrastructure, tourism, and energy sectors saw the most number of MOUs during the Vibrant Gujarat Summit’s sixth phase.
- What are the benefits of the MOUs signed during the Vibrant Gujarat Summit’s sixth phase?
- The benefits of the MOUs include job creation, economic growth, skill development, and infrastructure development.
- Who participated in the Vibrant Gujarat Summit’s sixth phase?
- Over 5,000 delegates from 100 countries, including several ministers, policymakers, and CEOs, participated in the Vibrant Gujarat Summit’s sixth phase.