AHAMEDBAD: Far exceeding the State government’s own expectations, the two-day ‘Vibrant Gujarat Global Investors’ Summit 2009’ concluded here on Tuesday with promises of investments of over Rs. 12 lakh crore in the coming years.

Announcing this at the valedictory ceremony of the summit, Chief Minister Narendra Modi said more than 8,500 Memoranda of Understanding were signed between the State government and the intending investors, creating additional over 25 lakh iob opportunities. The announcement was greeted with resounding noise of clapping with even foreign delegations and prominent industrialists from the country and abroad giving Mr. Modi a standing ovation for the achievements at a time when the global economy was facing recession.

Drawing a comparison, Mr. Modi pointed out that while the last three editions of the ‘Vibrant Gujarat’ summit in 2003, 2005 and 2007 together received promises for investment of over Rs. 6.34 lakh crore, the 2009 summit alone had lined MoUs to invest 12 lakh crore. Before the beginning of the summit, the government had expected signing of about 3,000 MoUs and investments of about Rs. 10 lakh crore, which itself would have been more than double the investment promise of Rs. 4.61 lakh crore in the last summit with over 61 percent implementation.

‘Environment’

Contradicting the allegations of critics, both ESSAR Group Chairman Shashi Ruia on Monday and Bharati Group Chairman and immediate past President of the Confederation of India Industry Sunil Mittal on Tuesday said these MoUs were not merely “paper works to be signed and forgotten.” Giving their own examples, they said the industrial houses who have declared their commitment to invest in the State would be serious to implement the same considering the conducive industrial atmosphere in the State. Anil Dhirubhai Ambani Group Chairman Anil Ambani also said the “environment” in Gujarat was different than the rest of the country and in the world. Commending the efforts of Mr. Modi, he said: “Here people know how to convert adversity into opportunity.”

Recipe for others

Sri Lankan Tourism Minister M. Moragoda, who said his country also signed an MoU with the State government for development of mutual tourism, went to the extent of saying that he highly appreciated Mr. Modi’s “vision and foresight.”  He said the developmental methods of Mr. Modi ignoring his personal image should be “the recipe for all politicians.”  He also pointed out that it was the first time that his country and signed an MoU with a State instead of a country.

‘Best CEO’

An overwhelmed Mr. Mittal wondered what the other States would do when Gujarat alone had cornered so much of investments.  He said the success of the Gujarat summit has also demolished the myth that the industrialists would not venture to come to the State ruled by a party opposed to the government at the Centre.  The summit had also proved wrong that the Central government alone could drive the economy of the country. Mr. Modi was the “best Chief Executive Officer” running a State instead of a company, he said.

Future leader

Both Mr. Mittal and Mr. Ambani projected Mr. Modi as the “future leader of the country” given his “capacity to dream with open eyes” and “drive to achieve the results.”  Mr. Ambani said Mr. Modi’s achievements in leading Gujarat to an industrialised State had made him a “proud Indian and a proud Gujarati.”  He said the way Mr. Modi had transformed Gujarat, he could change the complexion of the country as and when he takes over its reins.