Prime Minister Shri Narendra Modi has recently inaugurated the 9th edition of Vibrant Gujarat Summit (Summit) to beheld from 18.01.2019 to 20.01.2019 in Gandhinagar, Gujarat, India, where Hon’ble Ministers from various countries including Uzbekistan, Rwanda, Denmark, Czech Republic, Malta, representatives and delegates from partner countries including Australia, Canada, France, Japan, United Arab Emirates (UAE), etc would be participating.
The Summit was conceptualized in 2003 to re-establish the State of Gujarat as a preferred investment destination within India and to provide a platform for knowledge sharing and effective partnerships.
The 9th Edition of the Summit aims to achieve the following objectives:
To encourage international bilateral cooperation and ensure that global collaborations and partnerships are not limited to national capital but extend to State capitals as well.
To ensure that benefits of development reach the farthest corners of the State of Gujarat.
To enhance the quality of life, services and infrastructure by inviting and encouraging investments in the State of Gujarat.
To make a place in the top 50 global ranking of World Bank’s Doing Business Report.
In the recent World Bank’s Ease of Doing Business Ranking 2019, India has achieved a remarkable overall ranking of 77th position out of 190 countries, thereby, successfully shooting up 23 places from its earlier 100th rank.
To focus on scaling up investments in next generation infrastructure including roads, ports, railways, airports, telecom, digital networks and energy.
The major events to be held in the 9th Edition of the Summit include roundtable interaction for opportunities in Science, Technology, Engineering and Mathematics (STEM), Education and Research, exhibition on Futuristic Technologies and Space Exploration, Seminar on Port Led Development and Strategies to establish India as the Trans-shipment Hub of Asia and to showcase success stories of Make in India. The 9th Edition of the Summit has discussed the following recent reforms and initiatives introduced by Government of India:
India has become one of the most open countries by allowing foreign direct investment (FDI) under automatic route in 90% of the sectors.
Digital payments and information technology (IT) based transactions has made doing business in India safer, easier and corruption-free.
India has reformed the goods and services tax (GST) structure to benefit small and medium businesses in India.
The exit route for business set ups in India has become easier with incorporation of Insolvency and Bankruptcy Code 2016 as amended thereof.
The Government initiatives under Make in India, Digital India, Skill India, etc have enabled conversion of India into a global manufacturing hub.
Further, the Ayushman Bharat Scheme has been able to provide immense investment opportunities in the areas of health infrastructure, medical equipment manufacturing, and healthcare services.
The public private partnership (PPP) regime in India for infrastructure has been made more investor friendly.
The Government has made available electricity, cooking gas, proper sanitation facilities in most of the villages in India. It further aims to develop the remotest corners of the State and the country.
The tourist, aviation, infrastructure and such other sectors are rapidly developing in India.
Reportedly, Mr. Alexandre Ziegler, the French Ambassador, is leading a 78-member delegation to the 9th Edition of the Summit including companies with expertise in areas such as aviation, logistics, banking and finance, energy, infrastructure, IT, telecommunications and smart city solutions. A number of French companies have set up their base in India and most, particularly in Gujarat and have committed to investing and innovating in India.
These Government efforts to give a spur to the investments in Gujarat may give rise to several other such summits annually in other states across India and thus, make way to converting India as a preferred investment destination.
Senior Legal Associate
The Indian Lawyer