India To Be A Developed Nation By 2047: PM Modi

Prime Minister Narendra Modi, addressing the Vibrant Gujarat Global Summit 2024, outlined India's vision to become a developed country within the next 25 years. Emphasizing these years as India's "Amrit Kaal," PM Modi expressed confidence in achieving this goal through global partnerships and structural reforms. The summit witnessed significant announcements, including Suzuki's substantial investment in a new car plant, Mukesh Ambani's commitments for Gujarat's growth, and Zerodha Founder Nikhil Kamath's views on India's entrepreneurial landscape.

PM Modi's Vision

PM Modi highlighted India's progress, marking 75 years of independence and setting a goal for the next 25 years. He emphasized the importance of the Vibrant Gujarat Summit in this transformative period, with representatives from over 100 countries contributing to India's development journey. The presence of UAE President Sheikh Mohammed bin Zayed underscored the strengthening relations between India and the UAE, with substantial investments in India's port infrastructure. He reiterated the pledge to make India ‘viksit’ by 2047, making the next 25 years ‘Amrit Kaal’ of the country. “It is time for new dreams, new resolutions and continuous accomplishments”, he said.

Economic Growth and Global Importance

The Prime Minister praised India's economic resilience, now the fifth-largest globally, and predicted a top-three position in the coming years. “Today, all major agencies estimate that India will be in the top three economies of the world in the coming years. Let people across the world do their analysis, but it is my guarantee that it will happen,” PM Modi said. He asserted that the world sees India as a stable pillar, a trusted partner, and a global voice for the South. Modi credited India's economic momentum to a decade of structural reforms, enhancing competitiveness and capabilities.

Suzuki's Investment in Gujarat

Japanese automaker Suzuki Motor unveiled plans to invest INR 35,000 crore in a second car plant in Gujarat, along with INR 3,200 crore to boost electric vehicle production. The company aims to produce its first Battery Electric Vehicle (BEV) by the end of the year, contributing to India's growing automotive market. The investment is expected to increase Suzuki's annual production capacity in Gujarat to 2 million units.

Mukesh Ambani's Commitments

Reliance Industries Chairman Mukesh Ambani pledged continued investments in Gujarat, exceeding 12 lakh crores in the last decade. Ambani outlined five commitments, including making Gujarat a global leader in green growth, pioneering new materials and a circular economy, empowering farmers and small merchants through Reliance Retail, embracing 5G-enabled AI for job creation, and supporting education, sports, and skills infrastructure. Ambani also announced India's bid for the 2036 Olympics and the commissioning of the Dhirubhai Ambani Green Energy Giga Complex by the second half of 2024.

Adani’s Green Push

Adani Group chairperson Gautam Adani announced an ambitious investment plan of INR 2 lakh crore in the green energy and renewable sectors over the next five years in Gujarat. Gautam Adani outlined the strategic vision, stating, "We are expanding the green supply chain for an Aatmanirbhar Bharat and creating the largest integrated, renewable energy ecosystem." The Adani Group's significant investment aims to boost innovation, generate employment opportunities, and play a pivotal role in advancing the renewable energy sector in Gujarat. Over the next five years, the Adani Group's multi-billion-dollar investment is anticipated to create a substantial impact by contributing to the growth of the renewable energy sector in the state. Gautam Adani emphasized the potential of the investment to generate up to 1 lakh jobs, both directly and indirectly, fostering economic development and sustainability.

Nvidia's AI Data Center in GIFT City

US chipmaker Nvidia disclosed plans for an AI data center in GIFT City, Gujarat, in collaboration with Yotta, Tata Group, and Reliance Industries. The data center is set to be operational by March, contributing to India's sovereign generative AI capabilities. Nvidia emphasized the need for scalable data centers to support the impact of generative AI on various sectors.

Tata Group's Semiconductor and Battery Plants

Tata Group Chairman N Chandrasekaran announced plans for a semiconductor fabrication plant in Dholera, Gujarat, and a 20-gigawatt lithium-ion storage battery factory in Sanand. The semiconductor plant is expected to commence operations in 2024, further establishing Gujarat as a hub for advanced technology industries. Chandrasekaran highlighted the Tata Group's commitment to Gujarat's growth and announced collaborations with the government and educational institutions for skill development.

Nikhil Kamath's Perspective on Entrepreneurship

Zerodha Founder Nikhil Kamath, speaking at the summit, lauded the conducive entrepreneurial ecosystem created by PM Modi. He noted that entrepreneurship in India has transitioned from a concept to active pursuit, with Indians abroad expressing "Fear of Missing Out" on India's burgeoning opportunities.

There are 34 partner countries and 16 partner organizations for this year’s Summit. Further, the Ministry of Development of North-Eastern Region will utilize the Vibrant Gujarat platform to showcase investment opportunities in the North-Eastern regions.

Conclusion

The 10th Vibrant Gujarat Summit showcased India's determination to achieve sustainable development and economic growth. PM Modi's vision, coupled with significant investments from global and Indian corporations, sets the stage for a transformative journey towards becoming a developed nation. The commitments made by industry leaders like Suzuki, Reliance Industries, Nvidia, and Tata Group underline Gujarat's strategic importance in India's pursuit of technological innovation and economic prosperity.