Updated December 31st, 2023 at 15:29 IST

Pro-industry policies enabled Gujarat to attract investments: Officials

10th edition of the Vibrant Gujarat Global Summit will continue the state's legacy of promoting investor-friendly initiatives.

Reported by: Business Desk
Representative | Image:Unsplash
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The Gujarat government's pro-business policies have bolstered investments across various sectors, reaffirming its dedication to propelling India's economic trajectory, officials have indicated.

Scheduled to take place from January 10 to 12, 2024, in Gandhinagar, the upcoming 10th edition of the Vibrant Gujarat Global Summit will continue the state's legacy of promoting investor-friendly initiatives, they noted.

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Aligned with the national objective of 'Atmanirbhar Bharat,' Gujarat's 'Atmanirbhar Gujarat' initiative seeks to attract enterprises through a suite of tailored measures, officials explained, attributing the state's progressive stance to Prime Minister Narendra Modi's economic vision.

A government statement highlighted the Vibrant Gujarat Global Summit's pivotal role, having secured an impressive foreign investment inflow of $55 billion over the last two decades. Furthermore, Gujarat accounted for more than one-third of India's exports in the fiscal year 2022-23.

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Introduced in 2022, the 'Aatmanirbhar Gujarat Scheme for Assistance to Industries' aims to integrate industries into global supply chains. Gujarat's Chief Minister Bhupendra Patel underscored the scheme's significance in supporting both small and large enterprises.

Rahul Gupta, Vice Chairman and Managing Director of Gujarat Industrial Development Corporation (GIDC), elaborated that the Industrial Policy of 2022 amplifies Gujarat's allure for investments. The state plans to offer financial incentives such as capital subsidies, interest concessions, and power charge exemptions, particularly targeting emerging sectors like green hydrogen, electric vehicles, drones, aviation, and space-related manufacturing.

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Swapnil Anil, Executive Director and Head of Advisory Services at Colliers India highlighted Gujarat's attractive incentives for manufacturing, noting an influx of investments surpassing Rs 30,000 crore in 2023 from both domestic and international manufacturers.

Gujarat's strategic focus also encompasses sectors like aerospace, defence, and renewable energy. With a vision to exceed USD 25 billion in defence manufacturing by 2025, Prime Minister Modi has emphasised the sector's vital role in national progress. Additionally, Gujarat has made significant strides in renewable energy, boasting a total installed capacity of 21 gigawatts, with 11 gigawatts added in the past four years.

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In alignment with Prime Minister Modi's 'Make in India' and 'Digital India' initiatives, Gujarat has formulated policies such as the Student Startup and Innovation Policy 2022-27, and Gujarat IT and ITES Policy 2022-27, among others. Moreover, the state's Tourism and Heritage policies aim to showcase its cultural richness and attract global visitors, officials concluded.

(With PTI inputs)

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Published December 31st, 2023 at 15:29 IST