The Hindu Business Line : Vibrant Gujarat meet begins; 444 MoUs signed

Ahmedabad, Jan. 12 The ‘Vibrant Gujarat Global Investors’ Summit (VGGIS) 2009” got off to a colourful start at Science City here on Monday with investors from India and abroad signing 444 memoranda of understanding (MoUs), promising investments in the State to the tune of Rs 7,48,970 crore on the first day of the two-day, biennial event.

The Gujarat Chief Secretary, Mr D. Rajagopalan, said these investments had the potential of creating 8,28,296 jobs in the State. The State Government has claimed that in the last three summits, about 63 per cent of investments promised in the MoUs signed since 2003 have been implemented or are in the process.

The fourth summit which got under way today, partnered by Japan, was also marked by the presence of official delegations from Kenya, Uganda, Sri Lanka and Singapore and some Members of Parliament from the United Kingdom and Canada.

A galaxy of business and industry honchos from India, virtually the who-is-who in the country’s corporate circles, were present under one roof at the inaugural function. Those present included Bollywood actors Shatrughna Sinha and Paresh Rawal. A number of seminars, workshops and exhibitions have also been put in place.

The Gujarat Chief Minister, Mr Narendra Modi, describing the summit as a powerhouse of knowledge, entrepreneurship and planning in the midst of a global recession, said cost-effective manufacturing and aggressive promotion of SMEs could work wonders in the present scenario.

He coined a new acronym, RACE, for (lower) risks, (high) alertness, (lower) cost and (high) efficiency, to carry his message, setting the tone for the VGGIS 2011. Industries should emphasise in producing zero-defect, clean and environment-friendly products acceptable globally.

The mood of the summit was captured by Mr Ratan Tata, Chairman of Tata Sons. “I listened to my own advice and I am not stupid any longer,” he said, while recalling his words, “You are stupid if you are not in Gujarat,” in the VGGIS 2007 and his subsequent decision to relocate the Nano plant from Singur (West Bengal) to Sanand (Gujarat) last year.

“Unlike other State governments taking anywhere between 90 and 180 days to provide land to industries, this government did so in just three days,” he said. The Tatas will be making Rs 21,000 crore worth of investments in the next three years in Gujarat, he added.

The Reliance CMD, Mr Mukesh Ambani, showered praise on the Chief Minister but made no commitment for any fresh investments.

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