Gujarat Clocks Up The Highest FDI Growth In India In 2019-20: Principal Secretary Manoj Das
Gujarat’s growth in FDI in percentage terms has been the fastest in the country. In 2019-20 Delhi grew by 11%, Karnataka by 34% and Gujarat by 240%. Overall, India’s FDI grew by 14%.
According to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), Gujarat received Rs 42,976 crore worth of FDI in 2019-20, which is 3.4% times in the FDI received in 2018-19 (Rs 12,618 crore).
Principal Secretary Manoj Das pointed out that Gujarat bagged 51% of total of number of IEMs filed (Large Sector Investments) in India. Besides, Gujarat is also top state in grounding domestic investment by a respectable margin, he added.
262 foreign companies have set up in their operations in Gujarat between 1st April 2019 to 30th September 2019.
Beginning with the first half of the financial year 2019-20,Gujarat has received Rs 24,012 crore in Foreign Direct Investment (FDI) in various sectors during the which is almost double compared with the FDI received in the entire FY 2018-19.
No of foreign companies have shown interest in investing in Gujarat, he said.
Das elaborated that Gujarat Government has undertaken additional measures support industries and a number of reforms have been taken into labour, power, land approval. Additionally, a high-power.
Recently, Gujarat Chief Minister Vijay Rupani spoke about the opportunities for attracting global investors to set up their economic activity in Gujarat amid the crisis.
Speaking with BW Businessworld, CM said: "Gujarat is a manufacturing hub with established capabilities across the value chain in several sectors like textile, engineering, electronics, etc. Gujarat’s growth model has been much talked about. Our conducive environment, policies, regulatory reforms and world class infrastructure have helped attract and grow businesses."
"We are one of the most preferred states in the country in terms of “Ease of Doing Business”. A multi-department core group has been finalized by the Government under my supervision to support and attract investments in the state. We are working rigorously to further reduce the approval timeline," Rupani explained on the measures.
Gujarat is working on the strategy which aims to further attract the global investors. Principal Secretary pointed out: "We are reaching out to the companies which are likely to exit from China and are working closely with various embassies to bring them to Gujarat. We have already started discussions with trade organizations of concerned countries to understand the support that they need to set up operations in the state."
In addition to this, we are coordinating with various state - based trade organizations to help the international players find a JV partner where needed. This eases the entry process for companies and there by results in faster realization of investment intention. The state will monitor each investment intention closely to ensure that Gujarat becomes their home, he remarked.
Key sectors where investment has been realized are Automobile Industry, Heavy industries, Chemicals & Petrochemicals, Pharmaceuticals and service sector.
