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8th Edition of Vibrant Gujarat Global Investors Summit 2017 Concluded in Gandhinagar

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Prime Minister Narendra Modi was on a two day visit to Gujarat from January 9-10, 2017 to inaugurate the eighth edition of the Vibrant Gujarat Global Investors Summit 2017 at Mahatma Mandir in Gandhinagar, Gujarat on January 10, 2017.

  • The theme of the three day Summit is “Vibrant Gujarat: Connecting India to the World”
  • The summit was started in 2003 with the aim to attract investment in Gujarat by the then state Chief Minister Shri Narendra Modi.
  • World leaders including Presidents, State heads and representatives of the governments from over 20 countries were present at the Vibrant Gujarat Summit 2017 including the Presidents of Kenya and Rwanda, Prime Ministers from Portugal and Serbia and Deputy Prime Ministers of Russia and Poland along with senior foreign ministers from other countries.
  • PM Modi also had round-table meeting with these over 50 global and Indian CEOs in the presence of Union Finance Minister Arun Jaitley and Gujarat Chief minister Vijay Rupani and discussed business prospects in India.

PM Modi Inaugurates Several Pre-Summit Events 

On the first day of his visit to Gujarat, PM Modi attended several pre-summit events.

PM Modi Lays Foundation Stone for redevelopment of Gandhinagar Railway Station.

On January 9, 2017, Prime Minister Narendra Modi laid foundation stone of redevelopment of Gandhinagar Railway station.

  • The Railway station will be developed as a modern hub at the cost of about Rs. 250 crore  and will be India’s first railway station with all amenities at par with modern airports.
  • The redevelopment project includes construction of a 5-star hotel on top of the Railway station with around 300 rooms to cater the future requirements of delegates and tourists visiting for various summits.
  • The state government will hold the majority share with 74 percent, while Ministry of Railways will hold 26 percent. The project will be completed within two years with first year to redevelop the station and next year to build the hotel.
  • Gandhinagar Capital Railway station will be redeveloped through Special purpose Vehicle SPV between the Gujarat state government and Indian Railway Stations Development Corporation Ltd (IRSDC). The proposed name of the SPV is Gandhinagar Railway and Development Corporation Ltd (GARUD).

Prime Minister Inaugurates India’s First International Exchange, India INX

Narendra Modi inaugurated India’s first international exchange –India INX — at the International Financial Service Centre (IFSC) of GIFT City in Gandhinagar.

  • India INX is a wholly owned subsidiary of BSE, Bombay Stock Exchange. It would operate for 22 hours a day allowing international investors and NRIs to trade from anywhere across the globe.
  • India INX is one of the world’s most advanced technology platforms with a turn-around-time of 4 micro seconds.
  • INX will trade initially in equity derivatives, currency derivatives, commodity derivatives including index and stocks. It plans to offer depository receipts and bonds later.

Prime Minister Narendra Modi inaugurates Vibrant Gujarat Global Trade Show

Prime Minister Narendra Modi also inaugurated Vibrant Gujarat Global Trade Show organised at helipad ground in Gandhinagar on January 9, 2017.

  • Vibrant Gujarat Global Trade Show (VGGTS) 2017 has been organised on an area of nearly 1,50,000 It was the largest exhibition of the country with 14 themed halls including Exhibit area covering nearly 1,500 stalls by different companies. Modi took a round of different pavilions at the trade show and interacted with businessmen.
  • The 2017 edition has nearly 1500 companies participating. About 1.50 to 2 million visitors are expected, international delegates from large number of countries are expected to visit the exhibition.
  • The five day Vibrant Gujarat Global Trade Show saw more than 15 lakh people participation. The show was opened for business seminars on January 10 and 11 while on January 12 and 13 the exhibition was open for visitors.
  • The Exhibition saw representation from Corporate Sector, Public Sector, PSUs, innovations, startups, MSME, women entrepreneurs as well as other countries.

Nobel Prize Series Exhibition

Prime Minister inaugurated the Nobel Prize Series exhibition at Gujarat Science city near Ahmedabad on January 9, 2017 . This exhibition featured works of nine Nobel laureates from across the world who were invited by the Gujarat government to be a part of the Vibrant Summit.

  • After the inauguration the Prime Minister Modi will also take part in the Roundtable meeting with all the invited Nobel Prize winners, including India-born Dr. Venkatraman Ramakrishnan.

Textile Minister Signs MoUs Worth Rs. 8,835 crore

As a part of the Vibrant Gujarat Global Summit, the Union Textiles Minister Smriti Irani addressed the ‘Make in Gujarat’ theme seminar on Trends and Innovation impacting the Textile Value Chain on January 12, 2017.

  • The minister also witnessed signing of MoUs worth Rs. 8,835 crore in textile sector. The MoUs were signed in different sectors such as textile parks, textile processing, machinery, carpet development, etc.
  • Gujarat produces 29% of India’s total cotton production and is an area with one of the largest concentrations of textiles in India.

India, Rwanda announces strategic partnership

A joint state was issued between Rwanda President Paul Kagame and Prime Minister Narendra Modi on January 10, 2017 at the Gujarat Global Investors Summit to raise the level of bilateral cooperation to a strategic partnership.

  • India extended a $120 million credit to bring over 41,190 hectares of cultivable land under irrigation in the African country for the development of Export Targeted Irrigated Agriculture Project.
  • Besides, Rwanda signed the International Solar Alliance and became the 25th co-signatory of the Indian initiative.
  • Prime Minister Modi announced an aid of $2 million worth of medicines and a cash grant of $1 million for sourcing medical equipment from India.
  • India also announced a Line of Credit of US $ 80 million to augment Rwanda’s electricity production with the commissioning of the 28 MW Hydroelectric Project on the Nyabarongo River.
  • India and Rwanda exchanged the Memorandum of Understanding on Forensic Sciences by the Gujarat Forensic Sciences University to support Rwanda’s National Police in modernising Forensic investigations.
  • The joint statement was issued to continue to work on concluding a Bilateral Air Services Agreement and an agreement for the exemption of visa for diplomatic and official passport holders.
  • Both sides also agreed to strengthen the bilateral cooperation in culture, tourism, and people to people link between the youth of Rwanda and India.

Gujarat Government Signs MoU Worth 67000 CR. for Ahmedabad-Mumbai Bullet Train Project

The Gujarat government signed a memorandum of understanding (MoU) worth Rs 67,000 crore with the National High Speed Rail Corporation Limited (NHSRCL) during the Vibrant Gujarat Global Summit on January 12, 2017 for component manufacturing for the Ahmedabad-Mumbai bullet train project.

  • Rolling stock and other equipment like signalling and power system will be imported from Japan as per the loan agreement. Vibaratnt Gujarat summit 2017
  • Railways has already allotted Rs 200 crore for the SPV in which Maharashtra and Gujarat will have equity of 25% each and the Indian Railways will have 50% .
  • Total cost of the entire project is estimated at Rs 97,000 crore and is projected to be completed by 2023.
  • The high speed Bullet train will cover 508 km between Mumbai and Ahmedabad in two hours, running at a maximum speed of 350 kmph and operating speed of 320 kmph.
  • Indian Railways also signed a MoU for setting up a container depot at an investment of Rs 100 crore at Rajkot.
  • Another MoU was signed to set up a training centre at Gandhinagar to impart training to engineers and employees associated with the Bullet train project.

Vibrant Gujarat Summit 2017 Witnesses Signing Over 5,938 MoUs

Vibrant Gujarat Summit 2017 saw as many as 25,578 MoUs signed between various sectors. As compared to the previous edition of the event, this time 2500 more MoUs were signed

  • The three day global summit witnessed over 74,000 registered delegates, including 2,734 international delegates from over 100 countries and 33,000 participants.
  • There were 51 meetings of delegates with the Chief Minister and the Deputy Chief Minister.