Vibrant Gujarat Summit 2015 begins, PM Modi reaffirms dreams of growth
Nevin John January 11, 2015
Vibrant Gujarat got off to a rousing start in Ahmedabad on Sunday. Prime Minister Narendra Modi reaffirmed his dreams of India's growth, and leading businessmen like Mukesh Ambani and Kumar Mangalam Birla committed investments in Gujarat worth Rs 1 lakh crore over a period of 12-18 months and Rs 20,000 crore in the near future, respectively.
"We are dreaming big. Our dreams are numerous. Our dreams can become the seeds of your growth. Our aspirations can propel your ambitions," PM Modi said while addressing numerous business heads from India and abroad from about 100 countries, while addressing the seventh edition of Vibrant Gujarat.
Mukesh Ambani reminded the audience - which included the US Secretary of State John Kerry, UN chief Ban Ki-Moon and World Bank chief Jim Yong Kim - that Reliance has invested in Gujarat time and again to convert a business vision into reality and he was a regular at the previous editions as well. He said PM Modi's 'Make in India' and 'Digital India' programmes have energised India.
In reality, Mukesh's investment announcement on Sunday is an extension or a repetition of the investments Reliance is making at its Jamnagar refinery in Gujarat, the largest in the world, said industry observers.
At the 39th Annual General Meeting of Reliance Industries Limited in Mumbai on June 6, 2013, Ambani had committed making investments in excess of Rs 1,50,000 crore over the next three years. One was to double its paraxylene capacity at Jamnagar over the next 30 months to become the second largest producer in the world. The company is also building one of the world's largest ethylene crackers at Jamnagar. "This project will be commissioned in the second half of the financial year 2016 and would nearly double the ethylene capacity to 3.3 million tonnes per year," Mukesh had said.
At Jamnagar, Reliance is also constructing the world's largest LDPE plant, a swing PE plant and a glycol plant. This will make Reliance amongst the top five glycol producers globally.
Aditya Birla Group Chairman Kumar Mangalam Birla said his plans are to invest over Rs 20,000 crore in Gujarat, mainly in cement and other industries.
Sam Walsh, CEO of Australian mining giant Rio Tinto said the group would add 30,000 jobs in the diamond cutting industry in Gujarat, since the state is a promising business destination. Mastercard CEO Ajaypal Singh Banga said American investors want to be in India.
Modi emphasised the need to work for sustainable and inclusive growth. Various countries are coming forward to work with us in issues ranging from poverty to ecology.
Vibrant Gujarat will continue in the State capital over the next two days.