India to become 3rd largest economy in 5 years, during PM’s 3rd term: Shah

Chief Minister Bhupendra Patel said on X that the summit saw memorandums of understanding (MoUs) worth Rs 26.33 lakh crore being inked for investment in 41,299 projects. He added that if the MoUs signed during Covid-19 pandemic, when VGGS could not be held, were added to the list, investment worth Rs 45 lakh crore have been pledged for 98,540 projects.

CM Bhupendra Patel at the summit on Friday. Nirmal Harindran

Addressing the valedictory function of VGGS, Shah said, “When Prime Minister Narendra Modi took charge, our economy was at number 11 in the world. Today, we (our economy) stand at fifth position and with respect. I say it quite confidently that when Modiji becomes the Prime Minister for the third term, in those five years, we will stand with pride in front of the world as the third economy,” Shah said.

The others who spoke at the event included Norwegian diplomat and former director of the United Nations Environment Programme, Eric Solheim, World Bank Country Director for India Auguste Tano Kouame, Chief Minister Bhupendra Patel, Jammu & Kashmir Lieutenant Governor Manoj Sinha, Union Minister Parshottam Rupala and captains of the industry.

Shah said that he was fortunate to address the valedictory ceremony of VGGS, which was started by Modi in 2003 when he was the chief minister of Gujarat. “When one looks back at last 20 years of VGGS, it has given platform to ideas and innovations and done the task of bringing investment to the land (of Gujarat). Because of it, not only Gujarat, but the economy of the entire country has benefitted.”

“The model of Vibrant Gujarat has been accepted by many states and they are moving ahead with this very industrial model,” he said.

Maintaining that Modi has initiated a lot of structural reforms in the country, Shah said, “I do not want to talk about the past. But I can say for sure that it is because of these reforms that we are performing and transforming India’s economy. These reforms have become the base of our transformation. The aim of self-confident and self-reliant India that Modiji has put before us, we are going to achieve it.”

Shah added, “Ten years ago, we were considered as among the fragile five economies. Today, we rank among the top five economies. On global map, we used to be considered as a dark spot. Today, we are considered a vibrant spot.”

Without taking any names, he added, “The country has completed a journey from the silent prime minister to a visionary and vibrant PM in these 10 years. In the last nine years, the PM has provided political stability, corruption-free governance, people-centric policies, investment-friendly agenda and peaceful atmosphere, which has given momentum to the country’s economy.”

Addressing mediapersons, Rahul Gupta, Managing Director of Gujarat Industrial Development Corporation, said that some of the big ticket MoUs signed this year included Reliance Group’s pledge to invest Rs 5 lakh crore in the green energy sector, Adani Group pledging to invest over Rs 2 lakh crore and NTPC pledging an estimated Rs 90,000 crore for the development of renewable parks and renewable energy.

Top industrialists like Sudhir Mehta of Torrent Group, B K Goenka of Welspun Group and Pankaj Patel from Zydus LifeSciences also addresed the event and announced investment worth around Rs 1 lakh crore.

Mehta said his group has signed MoUs worth Rs 48,000 crore in the energy sector. Goenka, on the other hand, announced MoUs worth Rs 40,000 crore in green energy, green ammonia, textile and plastic sectors. Further, Pankaj Patel said his company has signed MoUs promising investment worth Rs 5,000 crore in the healthcare sector.

Additional Chief Secretary (Industry & Mines) S J Haider said the summit witnessed the participation of more than 61,000 delegates and participants from over 140 countries. It was also attended by four heads of state or countries – United Arab Emirates, Mozambique, Timor-Leste and Czech Republic.