The Telegraph
Since 1st March, 1999
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Cash rains on Gujarat summit

Ahmedabad, Sept. 30: Gujarat has garnered investment proposals worth over Rs 55,000 crore in the three-day global investor summit.

“If the state has managed to acquire these investment proposals, it shows that the world believes that we are one of the fastest growing economies. We need to capture the available opportunities," Union minister for industry and commerce Arun Jaitley said at the summit jointly organised by the Gujarat government and Ficci.

Stating the importance of investments for growth in a competitive global environment, Jaitley said, "Investments flow into an area depending on profitability and capability.”

The country has already made its mark in the global economy by virtue of having the second highest growth rate in the world. Jaitley said, "In a global environment, people buy quality goods from the cheapest available places.”

India has become a global health centre offering medication at one-tenth the cost. Around 200 out of the Fortune 500 companies have set up their research and development centres in the country.

Jaitley said, “In real terms, India is growing faster in the services sector than China. In the next 20 years we will become a great supplier of manpower.”

However, China has the largest manufacturing sector in the world. It has a world-class infrastructure; it has supplied utilities to its people at affordable prices and has a favourable interest rate regime, he added.

The minister said that flexible labour laws had created greater employment opportunities by increasing productivity. Gujarat, Maharashtra, Tamil Nadu and Andhra Pradesh were already considering amending their labour laws, he added.

Agreements signed

The Gujarat government has signed seven MOUs with tourism firms which can result in investments worth Rs 2,471 crore.

These projects are expected to be cleared under a “fast track clearance” process initiated by the state government.

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