According to Gujarat Chief Minister Bhupendra Patel, his government has set a goal to grow the economy to USD 500 billion by 2026–2027 and contribute 10% of India’s GDP. In an email interview with PTI prior to Prime Minister Narendra Modi’s opening of the 10th Vibrant Gujarat Global Summit on Wednesday, Patel stated that Gujarat, which makes up 5% of the nation’s population, currently contributes 8.3% of the country’s GDP and 33% of India’s total merchandise exports last year.
The conference will highlight Gujarat’s cutting-edge initiatives and projects (DREAM City, GIFT City, Dholera SIR, Ahmedabad-Mumbai High Speed Rail), he added. These projects and investments span new and developing industries, including semiconductors, renewable energy, electric cars, green hydrogen, aerospace and defence, plug-and-play parks, artificial intelligence, and smart greenfield cities.
Gujarat has become a national economic powerhouse, not just in textiles, chemicals & petrochemicals, gems & jewellery, and ceramics, but also as the centre of the automobile industry, according to Patel.
Gujarat makes about 5% of the country’s population but adds more than 8.3% to the GDP. The state was responsible for an astounding 33% of India’s overall merchandise exports the previous year, he noted.
“Our economy is remarkably resilient due to its diverse GSDP and strong global links. In response to a question regarding Gujarat’s share of India’s USD 5 trillion economy, Patel stated, “Our government has set a target to contribute 10 per cent to India’s GDP and become a USD 500 billion economy by 2026-27.”
Our strategic focus is on industries that not only shape the present economic environment but also have a significant impact on how the world will develop in the future. The idea that ‘Gujarat implies growth’ has been solidified to a large extent by the state’s growth, the speaker remarked.
The CM stated that strategic development in cutting-edge industries including semiconductors, green hydrogen, electric cars, renewable energy, and the financial services sector serve as excellent illustrations of the state’s advancement toward accomplishing this challenging objective.
“As well as industry-friendly zones like Dholera Special Investment Region (DSIR), Mandal-Becharaji Special Investment Region, and Petroleum, Chemicals and Petrochemicals Investment Region, there are pioneering efforts like GIFT, India’s first operational smart city. According to him, PM MITRA Park, Bulk Drug Park, and Medical Devices Park have the potential to completely transform the industrial landscape of the state.
According to Patel, Gujarat will be essential to achieving Prime Minister Narendra Modi’s goal of “Viksit Bharat @2047.”
The chief minister stated that the Vibrant Gujarat Global Summit has changed the state’s course under the visionary direction of PM Modi.
He continued, “The previous nine iterations of the summit have established Gujarat as one of the most sought-after investment destinations, substantially contributing to India’s growth story.”
“In this journey of the last 20 years, Gujarat has witnessed a 16-fold increase in the GSDP from USD 17.7 billion in 2002-03 to USD 282 billion in 2022-23,” he stated.
Gujarat is a policy-driven state, and the government has introduced policies and schemes to encourage investors to further growth in order to create an enabling environment. These include, but are not limited to, policies pertaining to industry, agro-food processing, health, solar and wind energy, electric vehicles, semiconductors, biotechnology, and renewable energy.
In order to position Gujarat as a knowledge-based economy on a global scale, he stated that developing new skills in the youth is a top priority.
“In order to foster a sense of engagement among everybody, we brought the idea of Vibrant Gujarat to the grassroots level by organising events like Vibrant Gujarat-Vibrant District in 32 districts around the state. More than 2,600 memorandums of understanding were inked, potentially bringing in over 45,000 crore for the districts,” he stated.
According to the chief minister, the Vibrant Gujarat Summit 2024 will touch every part of the state while adhering to G20 themes and national goals.
