Gujarat will power India’s development: Narendra Modi

NEW DELHI - Gujarat Chief Minister Narendra Modi made a persuasive pitch to the global business community to consider his state for investment, saying his state’s rapid growth will help in securing a position for India among the developed nations.

“Gujarat is now moving towards securing a position for India among the developed nations of the world,” Modi said in a 30-minute, business-like presentation before more than 300 industrialists here to invite investor participation at the annual Vibrant Gujarat Summit in January in capital Gandhinagar.

“We have maintained double-digit growth for over a decade. Our agricultural growth rate is over 9.5 percent, against the national average of less than 2 percent,” Modi said. “I extend a hearty welcome. See the growth environment in Gujarat yourself, and decide.”

In the presentation, made entirely in English and peppered with corporate jargon, Modi said six industrial nodes were being developed in Gujarat with an investment of $30 billion, along the Mumbai-Delhi Industrial Corridor.

“This will be a new Gujarat within Gujarat. Around 30 percent of the corridor’s length passes through Gujarat, with over 60 percent of the state’s geographical area falling under its influence,” the chief minister said at the Taj Palace Hotel.

“The potential is immense.”

The chief minister and his aides pointed out that during the previous summit, more than 3,300 agreements worth $240 billion were signed by prospective investors. They also shared some statistics and data to push Gujarat as an attractive investment destination:

-Just 0.42 percent of working days lost, which is lowest in India

-Most urban states, with 38 percent people living in cities

-Boasts most number of airports in the country, numbering 14

-The state is four-fifths the size of Britain

-Ten out of 25 richest Indians are of Gujarati origin

-Thirty per of India’s market capitalisation is owed to Gujarati companies

-Twenty-two percent of India’s exports comes from the state

-Thirty-nine percent of India’s small, medium units in Gujarat

-Eight out of 10 diamonds globally processed in the state

According to Gujarat Chief Secretary A.K. Joti, the two-day Vibrant Gujarat Summit 2011 from Jan 12 was expected to attract more than 20,000 delegates from nearly 60 countries, including 100 eminent political leaders and diplomats.

The partner countries for the upcoming summit are Japan and Canada with the Confederaion of Indian Industry (CII), United Nations Industrial Development Organisation, Japan External Trade Organisation (Jetro) and Commonwealth Business Council as partners.

In the previous four summits, $14 billion was the investment committed by prospective investors, $20 billion in 2005 and $93 billion in 2007. Japan has been the partner country in all the summits.