The Gujarat Government is going all out to put the state on the global investment map with its Vibrant Gujarat Investment Festival, reports CNBC-TV18.
Gujarat Chief Minister Narendra Modi's Government has signed MoUs with firms seeking to invest Rs11,500 crore in Gujarat's IT sector. That's even before Vibrant Gujarat 2007, a mega investment event, had got underway today.
The two-day event will focus on over 30 special economic zones and is expected to break records of two similar previous events in 2003 and 2005. Even though only 20 per cent of the Rs1.72 lakh crore rupees pledged earlier have actually been commissioned, the government is optimistic.
Anil Patel, minister for industry, says, "Large investment projects take anywhere between 1 one to three years and in some cases wherever there are environmental problems, it may take five years."
This year's event is expected to draw corporate India's biggest names. Besides the state is accentuating foreign investment. The event will focus on power, hydrocarbons, chemicals, ports, petrochemicals and SEZs. The government hopes to attract more on the first day than it in the previous such events.
Like the past two vibrant Gujarat events, investment would come in hordes during Vibrant Gujarat 2007. It would be around Rs150,000 crore they say. However, with little answers about the total investment that has really flowed in to the state, the questions about how much of it would really fructify will continue to be asked in the future.