Assures them that their investments would be safe and secure in India
Prime Minister Narendra Modi assured global investors on Friday that their investments in India will be safe. “To those who are already present in India, I would like to assure you that our democratic system, human values and strong judicial system will ensure the safety and security of your investments.”
“I will always be available to hold your hands in your journey,” he said in a 25-minute address, inaugurating the ninth edition of Vibrant Gujarat Global Summit (VGGS) 2019. He had conceived the three-day, biennial flagship event, originally christened as Vibrant Gujarat Global Investment Summit (VGGIS), as Gujarat Chief Minister in 2003. Doing business with India is a great opportunity for global investors,” the Prime Minister said.
Modi said India’s challenge is to develop horizontally to spread benefits of development to regions and communities that have lagged behind and vertically to meet enhanced expectations in terms of quality of life, services and infrastructure. “India is now ready for business as never before.”
In a rather uninspiring inaugural speech at the Global Summit—with the theme of “Shaping A New India”—he avoided mentioning any future plans or policies, perhaps in view of Parliament’s Session commencing in January-end, and the Budget or Vote on Account proposed to be tabled on February 1, ahead of the Lok Sabha polls due in April-May this year. He mostly reiterated achievements of the NDA Government he heads since 2014.
Participating business and industry heads who promised future investments in Gujarat included RIL Chairman Mukesh Ambani who said his Group’s existing investments of ?300,000 crore will be doubled in 10 years, Adani Group Chairman Gautam Adani (?55,000 crore in five years across solar energy, cement, lithium battery), Aditya Birla Group Chairman Kumar Mangalam Birla (?15,000 crore in three years in chemicals, textiles, mining and green energy and Torrent Group Chairman Sudhir Mehta (?10,000 crore in renewable energy, power distribution and compressed natural gas).
Those present included Rosneft’s Global Head of Downstream Didier Casimiro, who mentioned acquisition of the Essar refinery in Jamnagar in 2017, Tata Sons Chairman N Chandrasekaran, Suzuki Motors Chairman Toshihiro Suzuki.
Besides, Asian Infrastructure Investment Bank Chairman Jin Liquon, Heads of Governments from the Czech Republic, Denmark, Malta and Uzbekistan and Ministers from Japan, Morocco, The Netherlands, Thailand and South Korea and Prasoon Mukherjee, Vice Chairman of Singapore Indian Chamber of Commerce and Industry (SICCI) have also attended the Summit.