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As many as 7,936 memorandums of understanding (MoUs) were inked at the fifth edition of the two-day Vibrant Gujarat Summit 2011 in the western Indian city of Gandhinagar envisaging a whopping investment of $462 billion for Gujarat and expecting to create employment opportunities for about 5.2 million citizens.
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Around 101 countries and over 1400 foreign delegates participated in the summit. More than 350 speakers of national and international repute held discussions on economic growth during the summit.
Gujarat chief minister Narendra Modi said around 34 corporate houses had come forward to build economic ties with the Gujarat state government for providing training and employment opportunities to thousands of people including around 1.5 million women.
He said Gujarat has emerged as a role model for other states in terms of economic growth and a platform for large-scale investment for domestic and foreign companies.
In 2009, the previous edition of the summit had resulted in about 4,000 MoUs, attracting investments worth $243 billion.
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Modi said the investor meet was not meant for industries alone but would also inspire corporate houses to invest in the social sector.
"Gujarat dreams big and the summit confirms the state's capacity to realize those dreams. Government alone cannot bring qualitative changes in society, but people can. If the gap between the government and society gets bridged, the state can scale new heights," he said at the closing ceremony of the investor summit.
Earlier, during the summit eminent corporate houses announced big ticket investments in the western Indian state of Gujarat.
Gautam Adani, chairman of Adani Group topped the list by announcing an investment of $18 billion in power, petroleum and port sectors. Anil Ambani committed to invest $11 billion in Gujarat over a span of five years in power and cement sectors.
Following are the other key big ticket investments lined up:
-- Ruias of the Essar Group have lined up $6.5 billion in power, ports and infrastructure and expansion of its oil refinery at Vadinar.
-- Larsen & Toubro has lined up $3.5 billion in infrastructure projects
-- Mahindra has announced $0.7 billion investment in real estate, resorts and a mini power project
-- Tata Group has already invested $7 billion on its dream small car Nano facility and has pledged to continue investment.
