Brainchild of PM Modi, Vibrant Gujarat Summit was started to attract lot of investors around the globe in 2003. It's now India’s one of the most important business events. The biennial summit, VG2017 is going to kick start from today. The Global Summit is covering 25 sectors as its focused sectors to aim for 2017. The special focus of this year's VGSummit will be on Medium & Small Enterprises and Women Entrepreneurs as its prime ones.
The pioneer state in itself, Gujarat is all set to woo investors with PM’s inauguration to begin the four-long day event. Large number of foreign CEOs, ministers’ across the countries, President, and Prime Minister are converging to attend the summit in Ahmedabad. The first ever time, Nobel Prize series is going to be a part of the business summit, wherein Prime Minister Narendra Modi will meet Nobel laureates at Ahmedabad today.
These #6 things reveal the fact what makes Gujarat, a great model of success. Take a look.
Encouragement to SME and MSMEs
Amount of impact that has been on micro, small and medium scale businesses after demonetization, have gotten a large number of investment proposals to be signed at VG2017. Around 16k MoUs have been lined up to encourage MSME in Gujarat widely. The number is set to rise further as it’s not the fixed number of proposals. Gujarat has seen a 9 times fold in the MSME investment from 2006 to 2016.
In order to encourage MSMEs to drive growth in this sector, one of the major focus areas of 8th edition of VG is going to to be MSMEs. The MSME sector is on its full potential at this time to gain mileage from the investors coming around the world to the summit. Gujarat Industrial Development Corporation (GIDC) is also organizing the International Conclave in VG2017 to group the cluster with the presence of policy makers, govt. officials and experts from various MSME sectors across India.
Rapid growth of IT/ ITeS sector companies
With GIFT city model and a rapid increase of IT firms in all over Gujarat, we cannot deny a fact that soon Gujarat is going to be an IT hub in no time. The model is now attracting large number of global and domestic IT firms to start their operations in GIFT city. Whether it’s an MNC or an e-commerce company, myriad of companies which were functioning outside the GIFT, are now acquiring spaces to extend the idea of commencing their office operations in GIFT city itself.
High opportunities in education sector
The education sector is going to receive a big ticket investment with around 157 MoUs to be signed in VG Global Summit this year. The current figures are 170 per cent more to what was signed in 2015. Gujarat is determined to move forward with a vision of digital based economy with a flexible education system. Among the 157 education investment intentions approved by the state, eight MoUs on start-ups and research institutes is also on the agenda to push entrepreneurship in Gujarat.
Despite of the fact that Gujarat is an investment risky state with the bordering of Pakistan and Rajasthan, the state has fetched investments with the great amount. Comparing to the figures of previous year, in 2015, FDI projects announced in green-field projects in Gujarat was US $ 13.4 billion, which left behind other states like Maharashtra, Karnataka etc.
In the span of five years, the FDI investment in Gujarat has witnessed a three-fold jump. Till 2011, Gujarat was the place for conventional industries. Textiles , dye intermediates and pharmaceutical were the major industries under private sector.
Upsurging manufacturing industries
In non-conventional energy sector, Gujarat has been the leader in country by providing the 24*7 electricity in villages and other rural areas also. With ease and flexibility in usage of resources and energy, the state has done extensively great in varied sectors. The manufacturing industries of different sectors have surged a high rate of growth in terms of productions. Sectors like pharmaceuticals, agro, food processing, animal husbandry, fisheries have received a record breaking growth.
Gujarat is under the top 9 places to invest in property and infrastructural growth. According to the reports of IBEF, the construction equipment revenue of Gujarat is going to go up by FY20 to US$ 5 billion. 'The state government may sign MoUs worth Rs 30 lakh crore, surpassing the figures of investment to the previous year, 2015.' The infrastructure department of Gujarat aims for an investment of around 12.00 lakh crore INR by 2020 across various infrastructure sectors like rural and urban development, education infrastructure and many other. Gujarat is currently on the line of the developed countries in terms of infrastructure.