Gujarat tops in receiving private sector investment: ASSOCHAM

Published By : Admin | October 27, 2012 | 16:07 IST
"Report by Associated Chambers of Commerce and Industry in India lauds development in Gujarat"
"Gujarat tops list of states with highest share of outstanding private sector investment (both domestic and foreign): ASSOCHAM"

In yet another recognition of the dynamism and development in Gujarat, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) has stated that Gujarat tops the list of states with maximum share of outstanding private sector investment (this includes both domestic and foreign private sectors) across India. The data is as of June 2012.

Record Investment Generated, Private Sector Shines!

ASSOCHAM data points out that Gujarat received total investments worth Rs. 14.8 lakh crore of which private sector investment is Rs. 10.3 lakh crore, giving it a 70% share in total investments across Gujarat.

ASSOCHAM further shared that Gujarat has received 12% of total private investment across the nation, which is the highest among all Indian states.

Bureaucratic efficiency, infrastructure among key factors

While releasing the study, senior functionaries of ASSOCHAM pointed out that private investments are decided by a number of factors most notably bureaucratic efficiency, infrastructure, easiness for land acquisition, tax concessions and exit policies among other things.

Gujarat scores impressively on all these fronts. Under the leadership of Shri Narendra Modi, the state has created a wonderful investment climate over the last decade drawing people from all parts of India and the world.

Gujarat among fastest developing states, its growth model most unique

ASSOCHAM is not the only reputed body that is lauding the development journey in Gujarat. Recently, Asia’s leading international brokerage firm CLSA lauded Gujarat’s development model and termed it as most unique. Its report ‘Gujarat: Growth to Sustain’ talks about the uniqueness of the Gujarat model and identifies some of the areas why it has succeeded.

It points out that Gujarat presents a growth model that is sustainable and takes note of the industry friendly policies of the state Government under Shri Modi that have attracted many industries and industrialists. CLSA notes the agrarian transformation of Gujarat, conventionally a state not known for success in agriculture.

Significantly, CLSA states that Gujarat’s strides in development are characterized by low reliance of central funds. This is in tune with what Shri Modi repeatedly says- that the credit for the development of Gujarat goes to its 6 crore people and not those who claim imaginary Hands in the state’s development.

Earlier in June this year, another CLSA publication ‘GREED & fear’ authored by renowned strategist Mr. Christopher Wood praised Gujarat’s growth story and contrasted it with the air of pessimism in New Delhi.

Red Carpet, not Red Tape is the way out: Shri Modi!

Today Gujarat has made a mark as a successful investment destination but behind the dazzling success is a vision and mission of Shri Narendra Modi to make the state a preferred destination for business and the growth engine of India! His Mantra is very clear- Gujarat’s growth for India’s growth.

Over the last decade Shri Modi took several steps that brought about a remarkable turnaround most notable one being the biennial Vibrant Gujarat Summits that have played an anchoring role in scripting the state’s economic progress.

In a recent interview with the Economic Times, Shri Modi made it very clear that when it comes to drawing investment our policy should be a red carpet rather than red tape. He stressed on the need for transparency in decision-making.

Talking about the uniqueness of the Gujarat Model he talked about how state Government’s efficiency, quality infrastructure and skilled labour drew leading auto companies to Gujarat, taking the state as the next auto hub.

King of Governance Narendra Modi offers the Big Idea, articulates a clear and coherent stand on economic issues!

It is this coherence on economic issues that has benefitted the people of Gujarat immensely. Writing in Firstpost, columnist Venky Vembu notes that in the economic sphere, “while the PM offers tired clichés, Modi offers a Big Idea- one that he has actually implemented in Gujarat with manifest success in recent years.

Similarly, Shashi Shkehar argues that Shri Narendra Modi articulates a clear and coherent stand on economic issues .

He has already been praised by several leading think tanks and international journals. A USA Congressional Think Tank called Shri Modi the ‘King of Governance’ while Brookings Institution lauded Gujarat’s growth. Financial Times lauded the growth in Gujarat and Wall Street Journal wrote that in a slow growing India Gujarat is a fast growing star. He became the first Indian Chief Minister to feature on the cover on TIME Magazine, with a story titled ‘Modi Means Business.’

These words by leading international bodies and reputed bodies such as ASSOCHAM illustrate how the state of Gujarat is surging ahead on the path of development, under the leadership of Shri Narendra Modi with the call of ‘Sabka Saath, Sabka Vikas’ (All together, growth for all).

Shri Modi addressing the Valedictory Function of Vibrant Gujarat 2011

 

Main References Cited:

https://economictimes.indiatimes.com/news/economy/finance/gujarat-gets-12-5-of-total-investment-share-in-india-assocham/articleshow/16966352.cms

https://www.thehindubusinessline.com/industry-and-economy/at-12-gujarat-tops-private-investment-list-assocham/article4034669.ece?homepage=true

https://www.narendramodi.in/the-country-can-progress-only-if-we-end-red-tapism-no-red-tape-only-red-carpet-is-my-policy-towards-investors-cm/

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Joint Statement: Official visit of Shri Narendra Modi, Prime Minister of India to Kuwait (December 21-22, 2024)
December 22, 2024

At the invitation of His Highness the Amir of the State of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Prime Minister of India His Excellency Shri Narendra Modi paid an official visit to Kuwait on 21-22 December 2024. This was his first visit to Kuwait. Prime Minister Shri Narendra Modi attended the opening ceremony of the 26th Arabian Gulf Cup in Kuwait on 21 December 2024 as the ‘Guest of Honour’ of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah.

His Highness the Amir of the State of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and His Highness Sheikh Sabah Al-Khaled Al-Sabah Al-Hamad Al-Mubarak Al-Sabah, Crown Prince of the State of Kuwait received Prime Minister Shri Narendra Modi at Bayan Palace on 22 December 2024 and was accorded a ceremonial welcome. Prime Minister Shri Narendra Modi expressed his deep appreciation to His Highness the Amir of the State of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah for conferring on him the highest award of the State of Kuwait ‘The Order of Mubarak Al Kabeer’. The leaders exchanged views on bilateral, global, regional and multilateral issues of mutual interest.

Given the traditional, close and friendly bilateral relations and desire to deepen cooperation in all fields, the two leaders agreed to elevate the relations between India and Kuwait to a ‘Strategic Partnership’. The leaders stressed that it is in line with the common interests of the two countries and for the mutual benefit of the two peoples. Establishment of a strategic partnership between both countries will further broad-base and deepen our long-standing historical ties.

Prime Minister Shri Narendra Modi held bilateral talks with His Highness Sheikh Ahmad Abdullah Al-Ahmad Al-Jaber Al-Mubarak Al-Sabah, Prime Minister of the State of Kuwait. In light of the newly established strategic partnership, the two sides reaffirmed their commitment to further strengthen bilateral relations through comprehensive and structured cooperation in key areas, including political, trade, investment, defence, security, energy, culture, education, technology and people-to-people ties.

The two sides recalled the centuries-old historical ties rooted in shared history and cultural affinities. They noted with satisfaction the regular interactions at various levels which have helped in generating and sustaining the momentum in the multifaceted bilateral cooperation. Both sides emphasized on sustaining the recent momentum in high-level exchanges through regular bilateral exchanges at Ministerial and senior-official levels.

The two sides welcomed the recent establishment of a Joint Commission on Cooperation (JCC) between India and Kuwait. The JCC will be an institutional mechanism to review and monitor the entire spectrum of the bilateral relations between the two countries and will be headed by the Foreign Ministers of both countries. To further expand our bilateral cooperation across various fields, new Joint Working Groups (JWGs) have been set up in areas of trade, investments, education and skill development, science and technology, security and counter-terrorism, agriculture, and culture, in addition to the existing JWGs on Health, Manpower and Hydrocarbons. Both sides emphasized on convening the meetings of the JCC and the JWGs under it at an early date.

Both sides noted that trade has been an enduring link between the two countries and emphasized on the potential for further growth and diversification in bilateral trade. They also emphasized on the need for promoting exchange of business delegations and strengthening institutional linkages.

Recognizing that the Indian economy is one of the fastest growing emerging major economies and acknowledging Kuwait’s significant investment capacity, both sides discussed various avenues for investments in India. The Kuwaiti side welcomed steps taken by India in making a conducive environment for foreign direct investments and foreign institutional investments, and expressed interest to explore investment opportunities in different sectors, including technology, tourism, healthcare, food-security, logistics and others. They recognized the need for closer and greater engagement between investment authorities in Kuwait with Indian institutions, companies and funds. They encouraged companies of both countries to invest and participate in infrastructure projects. They also directed the concerned authorities of both countries to fast-track and complete the ongoing negotiations on the Bilateral Investment Treaty.

Both sides discussed ways to enhance their bilateral partnership in the energy sector. While expressing satisfaction at the bilateral energy trade, they agreed that potential exists to further enhance it. They discussed avenues to transform the cooperation from a buyer-seller relationship to a comprehensive partnership with greater collaboration in upstream and downstream sectors. Both sides expressed keenness to support companies of the two countries to increase cooperation in the fields of exploration and production of oil and gas, refining, engineering services, petrochemical industries, new and renewable energy. Both sides also agreed to discuss participation by Kuwait in India's Strategic Petroleum Reserve Programme.

Both sides agreed that defence is an important component of the strategic partnership between India and Kuwait. The two sides welcomed the signing of the MoU in the field of Defence that will provide the required framework to further strengthen bilateral defence ties, including through joint military exercises, training of defence personnel, coastal defence, maritime safety, joint development and production of defence equipment.

The two sides unequivocally condemned terrorism in all its forms and manifestations, including cross-border terrorism and called for disrupting of terrorism financing networks and safe havens, and dismantling of terror infrastructure. Expressing appreciation of their ongoing bilateral cooperation in the area of security, both sides agreed to enhance cooperation in counter-terrorism operations, information and intelligence sharing, developing and exchanging experiences, best practices and technologies, capacity building and to strengthen cooperation in law enforcement, anti-money laundering, drug-trafficking and other transnational crimes. The two sides discussed ways and means to promote cooperation in cybersecurity, including prevention of use of cyberspace for terrorism, radicalisation and for disturbing social harmony. The Indian side praised the results of the fourth high-level conference on "Enhancing International Cooperation in Combating Terrorism and Building Resilient Mechanisms for Border Security - The Kuwait Phase of the Dushanbe Process," which was hosted by the State of Kuwait on November 4-5, 2024.

Both sides acknowledged health cooperation as one of the important pillars of bilateral ties and expressed their commitment to further strengthen collaboration in this important sector. Both sides appreciated the bilateral cooperation during the COVID- 19 pandemic. They discussed the possibility of setting up of Indian pharmaceutical manufacturing plants in Kuwait. They also expressed their intent to strengthen cooperation in the field of medical products regulation in the ongoing discussions on an MoU between the drug regulatory authorities.

The two sides expressed interest in pursuing deeper collaboration in the area of technology including emerging technologies, semiconductors and artificial intelligence. They discussed avenues to explore B2B cooperation, furthering e-Governance, and sharing best practices for facilitating industries/companies of both countries in the policies and regulation in the electronics and IT sector.

The Kuwaiti side also expressed interest in cooperation with India to ensure its food-security. Both sides discussed various avenues for collaboration including investments by Kuwaiti companies in food parks in India.

The Indian side welcomed Kuwait’s decision to become a member of the International Solar Alliance (ISA), marking a significant step towards collaboration in developing and deploying low-carbon growth trajectories and fostering sustainable energy solutions. Both sides agreed to work closely towards increasing the deployment of solar energy across the globe within ISA.

Both sides noted the recent meetings between the civil aviation authorities of both countries. The two sides discussed the increase of bilateral flight seat capacities and associated issues. They agreed to continue discussions in order to reach a mutually acceptable solution at an early date.

Appreciating the renewal of the Cultural Exchange Programme (CEP) for 2025-2029, which will facilitate greater cultural exchanges in arts, music, and literature festivals, the two sides reaffirmed their commitment on further enhancing people to people contacts and strengthening the cultural cooperation.

Both sides expressed satisfaction at the signing of the Executive Program on Cooperation in the Field of Sports for 2025-2028. which will strengthen cooperation in the area of sports including mutual exchange and visits of sportsmen, organising workshops, seminars and conferences, exchange of sports publications between both nations.

Both sides highlighted that education is an important area of cooperation including strengthening institutional linkages and exchanges between higher educational institutions of both countries. Both sides also expressed interest in collaborating on Educational Technology, exploring opportunities for online learning platforms and digital libraries to modernize educational infrastructure.

As part of the activities under the MoU between Sheikh Saud Al Nasser Al Sabah Kuwaiti Diplomatic Institute and the Sushma Swaraj Institute of Foreign Service (SSIFS), both sides welcomed the proposal to organize the Special Course for diplomats and Officers from Kuwait at SSIFS in New Delhi.

Both sides acknowledged that centuries old people-to-people ties represent a fundamental pillar of the historic India-Kuwait relationship. The Kuwaiti leadership expressed deep appreciation for the role and contribution made by the Indian community in Kuwait for the progress and development of their host country, noting that Indian citizens in Kuwait are highly respected for their peaceful and hard-working nature. Prime Minister Shri Narendra Modi conveyed his appreciation to the leadership of Kuwait for ensuring the welfare and well-being of this large and vibrant Indian community in Kuwait.

The two sides stressed upon the depth and importance of long standing and historical cooperation in the field of manpower mobility and human resources. Both sides agreed to hold regular meetings of Consular Dialogue as well as Labour and Manpower Dialogue to address issues related to expatriates, labour mobility and matters of mutual interest.

The two sides appreciated the excellent coordination between both sides in the UN and other multilateral fora. The Indian side welcomed Kuwait’s entry as ‘dialogue partner’ in SCO during India’s Presidency of Shanghai Cooperation Organisation (SCO) in 2023. The Indian side also appreciated Kuwait’s active role in the Asian Cooperation Dialogue (ACD). The Kuwaiti side highlighted the importance of making the necessary efforts to explore the possibility of transforming the ACD into a regional organisation.

Prime Minister Shri Narendra Modi congratulated His Highness the Amir on Kuwait’s assumption of the Presidency of GCC this year and expressed confidence that the growing India-GCC cooperation will be further strengthened under his visionary leadership. Both sides welcomed the outcomes of the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue at the level of Foreign Ministers held in Riyadh on 9 September 2024. The Kuwaiti side as the current Chair of GCC assured full support for deepening of the India-GCC cooperation under the recently adopted Joint Action Plan in areas including health, trade, security, agriculture and food security, transportation, energy, culture, amongst others. Both sides also stressed the importance of early conclusion of the India-GCC Free Trade Agreement.

In the context of the UN reforms, both leaders emphasized the importance of an effective multilateral system, centered on a UN reflective of contemporary realities, as a key factor in tackling global challenges. The two sides stressed the need for the UN reforms, including of the Security Council through expansion in both categories of membership, to make it more representative, credible and effective.

The following documents were signed/exchanged during the visit, which will further deepen the multifaceted bilateral relationship as well as open avenues for newer areas of cooperation:● MoU between India and Kuwait on Cooperation in the field of Defence.

● Cultural Exchange Programme between India and Kuwait for the years 2025-2029.

● Executive Programme between India and Kuwait on Cooperation in the field of Sports for 2025-2028 between the Ministry of Youth Affairs and Sports, Government of India and Public Authority for Youth and Sports, Government of the State of Kuwait.

● Kuwait’s membership of International Solar Alliance (ISA).

Prime Minister Shri Narendra Modi thanked His Highness the Amir of the State of Kuwait for the warm hospitality accorded to him and his delegation. The visit reaffirmed the strong bonds of friendship and cooperation between India and Kuwait. The leaders expressed optimism that this renewed partnership would continue to grow, benefiting the people of both countries and contributing to regional and global stability. Prime Minister Shri Narendra Modi also invited His Highness the Amir of the State of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Crown Prince His Highness Sheikh Sabah Al-Khaled Al-Sabah Al-Hamad Al-Mubarak Al-Sabah, and His Highness Sheikh Ahmad Abdullah Al-Ahmad Al-Jaber Al-Mubarak Al-Sabah, Prime Minister of the State of Kuwait to visit India.