Key Takeaways from 10th Vibrant Gujarat Summit 2024
10th Vibrant Gujarat Global Summit
The 10th Vibrant Gujarat Global Summit (#VGGS2024) took place in Gandhinagar from 10 to 12 January 2024. The theme of this edition was “Gateway to the Future” and below are the key takeaways:
- DP World Commits to Build Tuna Tekra Container Terminal
- Suzuki to Set Up 2nd Auto Plant in Gujarat
- Tata to Deploy 10GW of Renewable Energy
- Ahmedabad Plans to Host 2036 Olympics
- Modi Reiterates Target to Make India 3rd World’s Largest Economy by 2028
DP World Commits to Build Tuna Tekra Container Terminal
Delivering a keynote address, the Dubai Ports World (DP World) Chairman and CEO Sultan Ahmed bin Sulayem expressed the commitment of his company to build the greenfield Tuna Tekra Container Terminal at Deendayal Port. The project will necessitate an investment of USD 510 million and the container port will have a throughput of 2 million #TEU annually.
An SPV, Hindustan Infralog, which is a JV between DP World and India’s National Investment and Infrastructure Fund (NIIF), has been created to spearhead the project under a Public-Private Partnership (#PPP). The project is undertaken under a #BOT model with an initial 20-year concession, extensible for another 10 years.
Suzuki to Set Up 2nd Auto Plant in Gujarat
Following the success of its first factory, Suzuki announced investment of USD 4.2 billion to build a 2nd auto plant in Gujarat. The factory will increase the production capacity in the state of Gujarat from 750,000 to 2,000,000 vehicles annually and is expected to be operational by 2027. The new factory will become the 5th vehicle factory by Maruti Suzuki in India.
Tata to Deploy 10GW of Renewable Energy
Tata signed a couple of MoU with the state government of Tamil Nadu to build up to 10 GW of renewable energy. Tata Power Renewable Energy Limited (TPREL) plans to deploy solar, wind and other renewable energy projects across almost 50,000 acres of land. An investment of USD 8.42 billion is envisaged over the next five to seven years.
Tata also plans to build a PV cell and module factory in Ganikondan in Tirunelveli District. The factory will be built in two phases and with an initial investment of INR 38 billion. The solar panels will be based on the latest TOPCon technology.
Ahmedabad Plans to Host 2036 Olympics
Previously, the city of Ahmedabad bid to host the Summer Olympics in 2032 but subsequently put off the plan till 2036 in order to be better prepared. The flagship Narendra Modi Stadium will serve as the main venue for cricket which is highly appreciated by Indians.
To that effect, a large sports complex named Sardar Vallabhbhai Patel Sports Enclave (SVPSE) is being built in Ahmedabad at an estimated cost of USD 576 million. The SVPSE will consist of a 50,000-seat football stadium, a 12,000-seat aquatics center, a 10,000-seat tennis center and two indoor arenas with capacities for 18,000 and 10,000 spectators.
Modi Reiterates Target to Make India 3rd World’s Largest Economy by 2028
In 2022, the Indian economy was estimated at USD 3.5 trillion. By 2030, it is forecasted that the GDP will reach USD 7.8 trillion.
Thus, India is set to surpass Japan to become the world’s 3rd largest economy by 2028. Ernst & Young predicted that the Indian economy has the potential to weigh in at USD 26 trillion by the time India celebrates its 100th anniversary of independence on 15th August 2047.
Underscoring the commitment and ambition of India during the Vibrant Gujarat Summit, PM Narendra Modi stated that he plans to turn India into a developed country within the next 25 years.