Updated December 27th, 2023 at 17:18 IST

Gujarat's sector-specific policies propel business investments: Officials

The upcoming Vibrant Gujarat Global Summit in January 2024, is poised to further showcase Gujarat as an attractive investment destination.

Reported by: Business Desk
Gujarat's Sector-Specific Policies Propel Business Investments | Image:Surat
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Gujarat's strategic focus on sector-specific policies has emerged as a driving force behind the state's success in attracting business investments, solidifying its position with a contribution of approximately 8 per cent to India's GDP, 18 per cent to industrial output, and 30 per cent to exports, according to state officials.

These meticulously crafted policies, tailored to meet the distinct needs of various sectors, are designed to empower industries to harness the immense potential offered by Gujarat's business-friendly environment, abundant investment opportunities, and rich natural resources, officials highlighted.

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The state's pursuit of business investments has received a considerable boost from initiatives such as the Vibrant Gujarat Global Summit (VGGS). The upcoming 10th edition of VGGS, scheduled between January 10 and 12, 2024, is poised to further showcase Gujarat as an attractive investment destination.

One notable success resulting from Gujarat's proactive approach is the semiconductor policy, unveiled in July last year. This policy, offering incentives and subsidies to encourage new investments in the sector, has paved the way for significant commitments, including the $2.75 billion (around Rs 22,540 crore) investment by US-based chip maker Micron Technology.

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Speaking at the Semicon India program in Gandhinagar, Gujarat Chief Minister Bhupendra Patel commended the state's strides in semiconductor manufacturing, attributing the progress to Prime Minister Narendra Modi's efforts.

Industry leaders have expressed admiration for Gujarat's appeal as an investment destination, praising the state government's commitment to fostering a conducive business environment. Micron Technology CEO Sanjay Mehrotra, speaking at the Semicon India event, expressed pride in the company's investment in Gujarat, marking the first major semiconductor company investment in India.

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Rahul Bharti, Executive Director, Corporate Affairs, Maruti Suzuki, outlined the factors that drew their attention to Gujarat for investment. He emphasized the importance of global competitiveness and acknowledged the state's role in enhancing manufacturing competitiveness in both domestic and export markets.

Gujarat's historical textile industry has also experienced significant growth, thanks to the state's dedicated policy for the sector. Gaurang Bhagat, President of the Maskati Cloth Market Association, credited the success to the textile policy of 2012, which spurred substantial investments in spinning, weaving, and processing. He noted the effectiveness of the policy as a testament to the vision outlined by Prime Minister Modi.

(With PTI inputs.)

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Published December 27th, 2023 at 17:18 IST