Gujarat's Chief Minister, Bhupendra Patel, revealed discussions underway with semiconductor firms from Japan, South Korea, and the U.S. for potential investments in the state. Gujarat, also the home state of Prime Minister Narendra Modi, is preparing for its biennial Vibrant Gujarat Global Summit next week. Ahead of this event, the state has secured preliminary investment commitments totaling $86 billion from 58 companies.
The anticipated summit aims to attract a record influx of both domestic and international investors to the western state, representing Modi's substantial effort to stimulate investment in India before the upcoming national elections, where Modi pursues a third term. Gujarat, recognized as one of India's leading industrial states contributing about 8.3% to the country's GDP, aims to escalate its share to 10% by 2030, as highlighted by Patel.
During the summit, the state administration will prioritize sectors like renewable energy, green hydrogen, and green ammonia for investment focus, as stated by Patel. Additionally, Gujarat anticipates drawing investments of up to 4 trillion rupees ($48 billion) in renewable energy over the ensuing five years, according to Gujarat's energy secretary.