Gandhinagar, July 6: Gujarat has registered an increase of 55 per cent in foreign direct investment (FDI) inflow during financial year 2023-24, as per data released by the Department for Promotion of Industry and Internal Trade (DPIIT). According to the DPIIT data released on Friday, Gujarat received USD 7.3 billion in FY 2023-24, compared to USD 4.7 billion received in FY 2022-23. The FDI inflow in the state has been increasing consecutively over the past three years, securing investments of USD 2.7 billion in FY 2022, USD 4.7 billion in FY 2023, and USD 7.3 billion in FY 2024.

"Gujarat has shown consistent growth in attracting FDI for three consecutive financial years by securing investments of USD 2.7 billion in FY2022, USD 4.7 billion in FY2023, and USD 7.3 billion in FY2024," the Chief Minister's Office (CMO) Gujarat said in a post on X. Among the major factors that have played a role in attracting FDI are Gujarat's state-of-the-art industrial infrastructure, industry-friendly policies, and consistent enhancements in ease of doing business. Gujarat CM Bhupendra Patel Announces 4% DA Hike for State Government Employees.

The government stated that the biennial Vibrant Gujarat Summit, launched by Prime Minister Narendra Modi during his tenure as Chief Minister of Gujarat, has also played a significant role in bringing new investment to the state. Notably, the first Vibrant Summit during the Azadi Ka Amrit Kaal was held in January this year.

"Aligned with the #ViksitBharat vision of Hon'ble PM Shri@narendramodi, Gujarat CM Shri @Bhupendrapbjp has ensured that every possible mechanism that facilitates investment and business is in place ranging from state-of-the-art industrial infrastructure to business-friendly government policies. The biennial Vibrant Gujarat Summits that Hon'ble PM Shri Narendra Modi had first pioneered during his tenure as Gujarat CM has also played a significant role in bringing new investment. Due to the dedicated efforts of 'Team Gujarat', the State is also attracting significant investment in the emerging industries like semiconductor and other promising sectors," the CMO added in its post. Gujarat CM Bhupendra Patel Wishes Chief Principal Secretary K Kailashnathan Who is Voluntarily Retiring.

In the 10th edition of the Vibrant Summit held in January this year, MoUs for 41,299 projects worth a whopping Rs 26.33 lakh crores were signed. A large part of the MoUs were in the green energy space. In 2022, MoUs for 57,241 projects with investments worth Rs 18.87 lakh crores were signed, but the Vibrant Gujarat Summit 2022 was postponed due to the COVID-19 pandemic.

Cluster-based industrial regions such as GIFT City, Sanand GIDC, Dholera SIR (Special Investment Region), and Mandal Bechraji SIR also played a significant role in attracting investors. Marquee projects, such as multiple semiconductor manufacturing plants, have also played a huge role in attracting foreign investment.

The state has also launched and effectively implemented new sector-specific policies in areas such as renewable energy, semiconductors, and IT in the last three years, which have also created a favorable investment climate in the state. The financial incentives to entrepreneurs and small industries setting up base in Gujarat, expedited allotment of land, power connections, and other business-friendly measures have also played a major role in bringing in new investment.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)