The sixth session of the Dynamic Gujarat Summit, which recently concluded in Rajkot, inked 135 memorandums of understanding (MoUs). The MoUs, worth Rs 7,150 crore, are expected to generate 10,000 jobs in the district. More than 500 businessmen and entrepreneurs from across India attended the three-day summit in Rajkot.
The participants discussed business opportunities and signed multiple MoUs for industrial investment in the state. The MoUs included investments in the sectors of chemicals, engineering, food processing, agriculture, power generation, plastics, real estate, automobile and IT. The MoUs were signed by industrial units from across India, including Maharashtra, Rajasthan, Telangana, Delhi, Gujarat, Uttar Pradesh, Himachal Pradesh, Jammu and Kashmir, and Madhya Pradesh.
Impact of the Sixth Phase on the Local Economy in Rajkot
The Sixth Phase of Rajkot’s development plan is an ambitious plan initiated by the municipality of Rajkot in order to improve and broaden the city’s infrastructure and development prospects. This 6 phase project focuses on improving existing infrastructure capacity, increasing operational efficiency in various sectors, and overall strengthening the economy of Rajkot.
The Sixth Phase project has brought huge benefits to the local economy of Rajkot. Firstly, the infrastructure development including roads and transportation linkage have enabled the city to attract more tourists and investors, leading to an increase in the revenue of the local economy. Furthermore, this improved connectivity has increased the production capabilities of the city leading to an increase in trade between Rajkot and the outside world, resulting in increased economic growth.
The Sixth Phase has also facilitated the establishment of new industrial and technological projects, which has provided direct employment to thousands of people and has further contributed to the economic growth of the city. Moreover, along with that, the improved roads and streetscape has made the city more attractive to the citizens and tourists, further promoting the business prospects of the local economy. Overall, the Sixth Phase project of Rajkot has brought in huge potential and opportunities to the local economy.
Plans to Continue the Success of the Energetic Gujarat Summit
The Energetic Gujarat Summit (EGS) is an annual international business and investment summit organised by the government of Gujarat, India. The EGS has become one of the most important business events in India since its first inception in 2003.
1. Invite Participants From around the Globe: The EGS should continue to invite participants from all around the world. Allowing international participants access to the summit and to India’s business landscape will help to further expand the pool of potential investment opportunities.
2. Organise B2B Seminars and Events: The EGS should organise events and seminars to facilitate business-to-business (B2B) meetings among the participants. This will help strengthen the trade ties among the participants and also attract potential investments.
3. Encourage Investment in Projects: Indian states such as Gujarat should actively encourage investment in projects in the areas of solar energy, wind energy, industrial projects, agricultural projects, etc. This will help to promote economic development in the region and also contribute to the growth of investment activity in the state.
4. Provide Incentives for Investment: The state of Gujarat should continue to provide incentives to investors who are willing to invest in projects or industries in the state. These incentives may include tax exemptions, low operational costs, etc. This will help to both mitigate investment risk and attract potential investors.
5. Pursue Digitalisation: The state should pursue digitalisation of its resources and infrastructure. This will help businesses to access a wide range of information and services and also make doing business much easier in the state. Overall, the EGS has been hugely successful in promoting business and investment in the state of Gujarat. With the right strategies and plans in place, the EGS can continue to play an important role in helping to further spur economic development in the region.
Sixth Phase of the Energetic Gujarat Summit
The sixth edition of the Vibrant Gujarat Global Summit 2021 was held virtually from 18–20 January 2021. Over 10,000 delegates, including global figures such as South African President Cyril Ramaphosa, President of Rwanda Paul Kagame, and the Prime Ministers of Maldives, Bhutan, Nepal, Mauritius, and Bangladesh attended the summit.
The summit was organized by the Gujarat government in partnership with the World Economic Forum and representatives from countries, industries, and civil societies discussed the development agenda for the post-pandemic era.
The summit also focused on solutions to deal with the economic crisis caused by the pandemic and showcased Gujarat’s investment opportunities. It also tackled topics such as reform in the education, health, agriculture, and energy sectors. The 5-day summit showcased 400 investment projects and partnerships with an overall investment of Rs. 183,000 crore.