Gujarat has set target to become $500 billion economy by 2026-27: CM Patel

Gandhinagar: Gujarat Chief Minister Bhupendra Patel has said his government has set a target to contribute 10 per cent to India's GDP and become a $500 billion economy by 2026-27.

At present, Gujarat, with five per cent the country's population, contributes 8.3 per cent to the national Gross Domestic Product (GDP) and in the previous year, the state accounted for 33 per cent of India's total merchandise exports, Patel said in an email interview to PTI ahead of the 10th Vibrant Gujarat Global Summit, to be inaugurated by Prime Minister Narendra Modi on Wednesday.

The 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 automobile sector, establishing itself as an economic powerhouse of the country, Patel said.

"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 $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 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.

"Pioneering initiatives like India's first operational smart city - GIFT, and industry-friendly zones like Dholera Special Investment Region (DSIR), Mandal-Becharaji Special Investment Region, and Petroleum, Chemicals and Petrochemicals Investment Region. PM MITRA Park, Bulk Drug Park and Medical Devices Park are further poised to redefine industrial activities in the state," he 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 said.

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, he added.

"In this journey of last 20 years, Gujarat has witnessed a 16-fold increase in the GSDP from $17.7 billion in 2002-03 to $282 billion in 2022-23," he said.

Gujarat is a policy driven state and to create an enabling environment, the state government has launched policies and schemes incentivising investors to further growth like the industrial policy, agro & food processing policy, health policy, solar & wind energy policy, electric vehicle policy, semiconductor policy, biotechnology policy and renewable energy policy to name a few, Patel said.

He said the ease of doing business, investor-friendly approach and robust industrial infrastructure have made the state a preferred investment hub of Indian and global conglomerates.

To showcase Gujarat on the global map as a knowledge-based economy, a significant emphasis is placed on nurturing new-age skills among the youth, he said.

"We took the concept of Vibrant Gujarat to the grassroots by holding events such as Vibrant Gujarat-Vibrant District in 32 districts across the state to create a sense of participation among all. Over 2,600+ MoUs were signed, bringing over 45,000 crore potential investments in the districts," he said.

The Vibrant Gujarat Summit 2024 aims to reach every corner of the state, aligning with national priorities and the themes of G20, the chief minister said.