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.”
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).