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$12.7 B worth investments under progress: Modi
Thursday, 06 January 2005, 20:30 IST
AHMEDABAD: Gujarat Chief Minister Narendra Modi said Thursday that 
560 billion ($12.7 billion) worth of new investments were "under progress" in the state.
The investments are "a major achievement by any standards", Modi told reporters here.
The state is organising a second mega global investors' meet on Jan 11-12. The first meet, 'Vibrant Gujarat' was held in September 2003.
During the 2003 'Vibrant Gujarat' meet Modi had announced that MoUs worth 666 billion ($15.1 billion) were signed.
Critics and the opposition Congress had, however, doubted if the MoUs would translate into actual investments.
They contended that the much-hyped 'Vibrant Gujarat' functions were draining public funds for what they described as Modi's image building exercise.
"I remember nobody was optimist. And they were right. In this country, barely 25 percent MoUs reach the stage of actual investment. But our government followed up the matter in a pro-active way and has achieved nearly 85 percent investment in a year," Modi said.
He, however, refused to give details of the investment.
Principal Secretary (Industry) D. Rajagopalan said: "From those signed at the Vibrant Gujarat 2003, projects worth over 500 billion are under active implementation."
Rajagopalan said about 10 projects with a total investment of 66 billion had started production.
Modi refused to give any investment targets for the January investors' meet.
"I don't have any targets for investments or number of participants. We have learnt our lessons from the Vibrant Gujarat 2003, which will come handy this time," he said.
Source: IANS
560 billion ($12.7 billion) worth of new investments were "under progress" in the state.
The investments are "a major achievement by any standards", Modi told reporters here.
The state is organising a second mega global investors' meet on Jan 11-12. The first meet, 'Vibrant Gujarat' was held in September 2003.
During the 2003 'Vibrant Gujarat' meet Modi had announced that MoUs worth 666 billion ($15.1 billion) were signed.
Critics and the opposition Congress had, however, doubted if the MoUs would translate into actual investments.
They contended that the much-hyped 'Vibrant Gujarat' functions were draining public funds for what they described as Modi's image building exercise.
"I remember nobody was optimist. And they were right. In this country, barely 25 percent MoUs reach the stage of actual investment. But our government followed up the matter in a pro-active way and has achieved nearly 85 percent investment in a year," Modi said.
He, however, refused to give details of the investment.
Principal Secretary (Industry) D. Rajagopalan said: "From those signed at the Vibrant Gujarat 2003, projects worth over 500 billion are under active implementation."
Rajagopalan said about 10 projects with a total investment of 66 billion had started production.
Modi refused to give any investment targets for the January investors' meet.
"I don't have any targets for investments or number of participants. We have learnt our lessons from the Vibrant Gujarat 2003, which will come handy this time," he said.
Source: IANS