Rajkot Updates News During The Sixth Phase Of Vibrant Gujarat Summit 135 Mous Were Signed: This year’s conference, held from January 11 to 13, 2023, was a great success. The Gujarat government and numerous national and international companies signed 135 Memorandums of Understanding (MOUs) at the conference. Numerous businesses have signed MOUs, including those in the infrastructure, tourism, and energy sectors. Through the Vibrant Gujarat Summit, Gujarat has marketed its benefits, commercial prospects, and potential. The sixth summit session’s MOUs will be reviewed in this article.
Rajkot Updates News During The Sixth Phase Of Vibrant Gujarat Summit 135 Mous Were Signed
The Gujarati government began hosting the Vibrant Gujarat Summit every two years in 2003 to promote both domestic and global investment. The summit provides the state government with an opportunity to exhibit its advantages, business-friendly laws, and investment opportunities to investors from India and throughout the world.
In Rajkot, Gujarat’s fourth-largest city, the Honourable Prime Minister of India, Shri Narendra Modi, formally launched the sixth phase of the Vibrant Gujarat Summit. The sixth annual Vibrant Gujarat Summit’s theme is “Gujarat: Constructing a Resilient Future.” This subject covers environmentally friendly economic development and Gujarat’s initiatives to do so. The meeting was attended by more than 5,000 people, many of whom were ministers, legislators, and CEOs from more than 100 nations.
Signed MOUs At The Summit
Rajkot Updates News During The Sixth Phase Of Vibrant Gujarat Summit 135 Mous Were Signed: Gujarat will get investments of INR 10,000 crore, or roughly USD 1.3 billion, per these MOUs. The following sectors, among others, have approved the MOUs:
Memorandums of Understanding (MOUs) have been established frequently in the industrial sector by the engineering, textile, and automobile industries. A memorandum of understanding (MOU) for an investment of 500 crores INR (about 68 million USD) to build an electric car manufacturing facility has been signed by Mahindra & Mahindra Ltd. and the government. In the manufacturing sector, MOUs have also been signed by TATA Motors, Ford India, Adani Wilmar Ltd., and JK Paper Ltd.
Additionally, the building sector, which includes ports, airports, and railroads, has actively participated in the MOU-signing process. The MOU between Adani Ports and Special Economic Zone Ltd., which calls for an investment of INR 2,000 crore (about USD 273 million) in order to build and run a container terminal at the Port of Mundra, is a noteworthy deal. Additionally, the construction industry has witnessed the signing of MOUs by prominent businesses such as GVK Power & Infrastructure Ltd., Bharat Forge Ltd., and IRCON International Ltd.
In the tourism sector, deals have also been reached between the hotel, hospital, and entertainment sectors. Notably, Hilton Worldwide has pledged to spend about USD 27 million (or INR 200 crore) to manage and run a five-star hotel in Ahmedabad. Max India Ltd. and Aster DM have also signed MOUs with the tourism sector.
Power-related MOUs have been struck in a variety of fields of study, including fuel transportation and the use of renewable energy. A solar power station will be built in the state for a cost of INR 1,500 crore (about USD 204 million) under the terms of an e-memorandum signed by ReNew Power Ltd. in Rajkot. In the energy industry, Torrent Power Ltd., Adani Transmission Ltd., and Sterlite Power Grid Ventures Ltd. are further businesses that have signed MOUs.
Benefits of the MOUs
It is believed that the MOUs signed during the sixth stage of the Vibrant Gujarat Summit will significantly benefit the state of Gujarat. These benefits include:
The MOUs are expected to generate more than 20,000 new direct and indirect jobs in Gujarat.
Economic Growth: It is predicted that the MOU-attracted investments will boost and support the state’s economy.
abilities Development: A number of MOUs contain provisions for projects that will aid local employees in developing their skills.
Infrastructure Development: The MOUs in the infrastructure sector are expected to enhance the state’s transportation, electrical, and communication infrastructure.
With the signing of 135 MOUs spanning numerous industries, the sixth part of the Vibrant Gujarat Summit has been a terrific success. It is predicted that the MOUs will provide the state of Gujarat with significant investments and benefits, including the creation of jobs, economic growth, skill development, and infrastructure development. The state government used the Vibrant Gujarat Summit as a vital platform to present its business-friendly policies, infrastructure, and investment opportunities to companies from India and abroad.