Under the visionary leadership of Chief Minister Shri Vijaybhai Rupani, Gujarat has received Foreign Direct Investment(FDI) of Rs.42976 crore during the financial year 2019-20. It is more than three and a half times than the investment of Rs.12618 crore received during the financial year 2018-19. This information has been published in the data released by the Department of Promotion of Industry and International Trade of the Government of India on foreign direct investment obtained by the states.
While giving details in this regard Industry Principal Secretary Shri M.K.Das, said that the increase in FDI has been due to the expansion of Ease of Doing Business by Chief Minister Shri Vijaybhai Rupani with more transparent and clean administration to motivate the industries in the state.
Due to the concept of ‘Make in India’ by Prime Minister Shri Narendrabhai Modi and the incentive policies of the state government, Gujarat has also been forefront in the field of foreign direct investment and during the financial year 2019-20.
If you look at the statistics of FDI in the states released by DPIIT, FDI in the entire country has increased by 14% during 2019-20. For the same period, Gujarat’s FDI growth in expanded 20 times higher than the National average and 8 times more FDI than Karnataka, which is second in the country in terms of FDI.
In other states, Karnataka received 34%, and Delhi achieved 11 % increase in FDI. While in Maharashtra, FDI has come down to 3% minus (negative) and in Tamil Nadu to 8% minus (negative).
Under the Industrial Entrepreneurs Memorandum IEM, Gujarat has achieved 51% IEM of the total IEM in large sector investments in the country as per the Industrial Entrepreneurs Memorandum IEM. Not only this, investments of local-domestic industries are also on a large scale in Gujarat and in this field also Gujarat has become a significant state in the country. Known as a Manufacturing Hub and Auto Hub Gujarat is also the best destination for investment for other industrialists.
The Principal Secretary of Industries added that under the direction of the Chief Minister, Gujarat has also shown commitment to take additional steps to provide more facilities to the industries established in the state. Accordingly, the state government has made many reforms in areas like labor, power, land approval.
Chief Minister Shri Vijaybhai Rupani has decided to move ahead in a planned manner towards making Gujarat an important focal point as public life is rapidly restored after the situation created as a result of the global epidemic Corona and economic and industrial activities are resuming.
In this regard, the Chief Minister said that It has been decided to make the plug and produce facility easily available through GIS based Land Bank in order to increase the number of investments in the state, increase employment as well as boost the ancillary industries and maximize the employment opportunities in the state..
A High Power Committee has been formed to incentivize further investments in the key sectors of socio-economic activities in the state such as the automobile industry, heavy industries, chemicals and petrochemicals and pharmaceuticals and services.
The Chief Minister has urged the system to make arrangements for allotment of land and other necessary permits in just 7 days by making all the approval process online for the new industries coming in the state. It has also been decided to exempt any new project-industry in the state from the provisions of concerned Acts other than implementation of the provisions of the Minimum Wage Act, Industrial Safety Rules and Labor Accident Compensation Act for initial 1,200 days from the commencement of production.
As a result of the development of all these systems, under the visionary leadership of the Chief Minister Shri Vijaybhai Rupani, Gujarat is gearing up to take full advantage of the challenging position of the world’s economy and industries in the aftermath of the global epidemic.
Mr. M.K. Das also said that from April 1 to September 30, 2018, 262 foreign companies have started their operations in Gujarat and many foreign companies are keen to invest in Gujarat. This will lead Gujarat to become a global destination for investment.
Source: Information Department, Gujarat