Modi woos investors at Gujarat business summit, firms unveil big spending plans

Gandhinagar: Prime Minister Narendra Modi touted India's economic prospects at a major business summit in his home state on Wednesday as companies Maruti Suzuki and Adani unveiled investment plans worth nearly $30 billion combined.

India is a "powerhouse for talented youth, a technology hub for finding solutions and a democracy that delivers", Modi said at the Vibrant Gujarat Global Summit, adding that the nation was on its way to becoming the third-largest economy in a few years.

His pitch comes just months before national elections, in which he will seek a third term, and at a time when global businesses are looking at India to diversify supply chains beyond China.

The biennial summit, which this year is focused on wooing funds for chip and electric vehicle manufacturing where India lags, has drawn thousands of business leaders, investors and diplomats to the three-day event.

On Wednesday, top carmaker Maruti Suzuki pledged to invest 350 billion rupees to build a second car plant in Gujarat state and a new production line at an existing plant.

Billionaire Gautam Adani said his conglomerate will invest Rs 2 lakh crore over five years in renewable energy in the state.

Tata Group is also close to announcing plans to build a new, huge semiconductor fabrication plant in Gujarat with construction to start this year, Tata Sons Chairman Natarajan Chandrasekaran said at the summit.

He added that Tata will also begin construction of a 20 gigawatt battery storage factory in Gujarat in the next couple of months.

Ahead of the summit, Gujarat, one of India's top industrial hubs, signed initial investment agreements with 58 companies worth a combined Rs 7 lakh crore . Dutch and Singapore firms are also set to commit to more than Rs 58 thousand crore in spending at the event.

Modi said India's economy has shown momentum and resilience despite geopolitical troubles around the world and invited investors to be a part of its growth journey, saying "my determination will be as big as your dreams".