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Gujarat aims to contribute 10 per cent to GDP, targets USD 500 billion economy by 2026-27: Bhupendra Patel

According to the chief minister, Gujarat, with five per cent the country's population, contributes 8.3 per cent to the national gross domestic product, and in the previous year, the state accounted for 33 per cent of India's total merchandise exports.

Akshit Tyagi Edited By: Akshit Tyagi Gandhinagar Updated on: January 09, 2024 13:24 IST
Gujarat CM Bhupendra Patel
Image Source : PTI (FILE) Gujarat CM Bhupendra Patel

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 USD 500 billion economy by 2026-27.

At present, Gujarat, with five per cent of 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 ahead of the 10th Vibrant Gujarat Global Summit which is 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, and smart greenfield cities, to name a few, he said.

Apart from leading in sectors such as textiles, chemicals and petrochemicals, gems and jewellery, and ceramics, Gujarat has also emerged as the hub of the 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 become 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 USD 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 solidifying the concept that says, 'Gujarat means growth'," he said.

Strategic developments 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 towards 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.

CM Bhupendra Patel on Vibrant Gujarat Global Summit: 

The previous nine editions of the summit have positioned Gujarat as one of the most preferred investment destinations, contributing significantly to India's growth story, he added.

"In this journey of the last 20 years, Gujarat has witnessed a 16-fold increase in the GSDP from USD 17.7 billion in 2002-03 to USD 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 incentivizing investors to further growth, like the industrial policy, agro-food processing policy, health policy, solar and wind energy policy, electric vehicle policy, semiconductor policy, biotechnology policy, and renewable energy policy, to name a few, CM added.

He said the ease of doing business, investor-friendly approach, and robust industrial infrastructure have made the state a preferred investment hub for 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 in 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 the G20, the chief minister said.

(With PTI inputs)

READ MORE: Gujarat to emerge as USD 1 trillion economy by 2030: CM Bhupendra Patel

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