- Saturday, November 23, 2024
The western state, which is home to five per cent of India’s population, currently contributes 8.3 per cent to the national GDP, Bhupendra Patel said.
By: Shubham Ghosh
BHUPENDRA Patel, the chief minister of the western Indian state of Gujarat, has said that his government has set a target to contribute 10 per cent to the country’s gross domestic product (GDP) to become a $500 billion (£393 billion) economy by 2026-27.
Currently, the state, which is home to five per cent of India’s population, contributes 8.3 per cent to the national GDP and in the previous year, it accounted for 33 per cent of India’s overall merchandise exports, Patel told the Press Trust of India in an email interview on the eve of the 10th edition of the Vibrant Gujarat Global Summit in Gandhinagar, the state capital.
Prime minister Narendra Modi, who started the business event two decades ago as the chief minister of Gujarat, will inaugurate it on Wednesday (10).
Read: Vibrant Gujarat is Modi’s last major attempt to lure businesses before 2024 national polls
The three-day summit will showcase Gujarat’s futuristic projects and investments (DREAM City, GIFT City, Dholera SIR, Ahmedabad-Mumbai High Speed Rail), encompassing new and emerging sectors such as semiconductors, renewable energy, electric vehicles, green hydrogen, aerospace and defence, plug-and-play parks, artificial intelligence, smart greenfield cities to name a few, he said.
Apart from leading in sectors such as textiles, chemicals & petrochemicals, gems & jewellery and ceramics, Gujarat has also emerged as the hub of the automobile sector, establishing itself as an economic powerhouse of the country, Patel, 61, added.
Read: Ahead of mega business summit, Gujarat permits liquor consumption in GIFT City
“With five per cent of the population, Gujarat contributes over 8.3 per cent to the national GDP. In the previous year, the state accounted for a remarkable 33 per cent of India’s total merchandise exports,” he said.
“The strong global ties and a diversified GSDP make our economy exceptionally resilient. Our government has set a target to contribute 10 per cent to India’s GDP and becoming a USD 500 billion economy by 2026-27,” Patel said in reply to a query on what will be the contribution of Gujarat in making India a $5 trillion (£3.9 trillion) economy.
“Our strategic focus is concentrated on sectors that not only define the current economic landscape but also play a pivotal role in shaping the global future. The growth of the state has substantially facilitated in solidifying the concept that says, ‘Gujarat means growth’,” he said.
Strategic development in new and emerging sectors such as semiconductors, green hydrogen, electric vehicles, renewable energy, and the financial services industry stand as prime examples of the state’s progress toward achieving this ambitious goal, the CM said.
“Gujarat will play a pivotal role in realising Prime Minister Narendra Modi’s vision of ‘Viksit Bharat @2047’, Patel said.
Under the visionary leadership of PM Modi, the Vibrant Gujarat Global Summit has been a game changer for the state, the CM added.
According to Patel, the previous nine editions of the summit have positioned Gujarat as one of the most preferred investment destination, contributing significantly to India’s growth story.
“In this journey of last 20 years, Gujarat has witnessed a 16-fold increase in the GSDP from USD 17.7 billion (£13.9 billion) in 2002-03 to USD 282 billion (£221.6 billion) in 2022-23,” he said.
(With PTI inputs)
