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MoUs worth 30 lakh crore may be signed in Vibrant Gujarat 2017 edition

Economic Times:  January, 2017

Gandhinagar: As the countdown begins to Vibrant Gujarat Global Summit-2017, the state government may sign MoUs worth Rs 30 lakh crore, surpassing the investment pledged during the previous edition in 2015. 

Already, 21,910 MoUs with investment promises of over Rs 25 lakh crore have been lined up. With a few more days to go, the figure will swell past Rs 30 lakh crore-mark. 

As many as 21,304 MoUs worth Rs 25 lakh crore were signed in 2015. Carrying on the legacy of previous seven editions, corporate giants domestic and multinationals are ready to make big bang announcements during the biennial summit which will be inaugurated by PM Narendra Modi on January 10 at Mahatma Mandir in Gandhinagar.

Home grown biggies like Adani group, Torrent group, Zydus group, Sintex Ltd and Nirma Ltd as well as MRF Ltd, Essar group, Ultratech Cement, Reliance group, GHCL Ltd and NTPC Ltd among others will be announcing their big-ticket investments in Gujarat. MNCs such as Vodafone, China's Pacific Construction group and Sinoma Taishan Fibreglass Inc have also jumped onto the MoU bandwagon. 

As per the data obtained from reliable sources, billionaire Gautam Adani-controlled Adani group has readied several investment intentions worth over Rs 34,000 crore for projects in renewable energy , port and edible oil. 

DCS Power Ltd has proposed Rs 40,000 crore for setting up 10,000 MW for canal top solar power projects on Narmada canal and sub-canals. Other mega investments include Rs 75,000 crore by DMC Infrastructure and Rs 37,500 crore by China-based Pacific Construction group. 

Despite demonetisation taking its toll on the micro, small and medium enterprises (MSME) business, this segment of the industry-like 2015 summit-have come out with a maximum number of MoUs pegged at 16,634 followed by urban development (1431 MoUs), animal husbandry , fisheries and co-operation (422) and mineral based projects (396). 

Critics have often dismissed the summit as a tamasha with very little MoUs realising in investments on the ground. The government on the other hand claims that out of total 51,738 MoUs (Rs 84.55 lakh crore) signed since the first summit in 2003, 65.86% projects have either been commissioned or are under implementation. The state, however, has not made data public.