18,000 MSMEs to line up over Rs 1 lakh crore investments at Vibrant Gujarat Summit
AHMEDABAD: Prime Minister Narendra Modi’s ‘Make in India’ campaign is set to get a push in his own backyard. Over 18,000 Micro Small and Medium Enterprises (MSME) will pledge over Rs 1 lakh crore during the Vibrant Gujarat Global Investors’ Summit (VGGIS) scheduled for next week.
To put things in perspective, the number of MSMEs queuing up with investments this year equals that of agreements inked during the past three editions of the summit put together.
During Vibrant Gujarat Summits in 2009, 2011 and 2013, about 2,000, 4,000 and 12,000 MoUs were signed, respectively. The total number of MoUs of all the three previous summits works out to be 18,000. This is significant considering the BJP government is often accused of promoting big corporates.
Both Gujarat Industrial Development Corporation (GIDC) and Industries Commissioner office are handling investment proposals from MSMEs. “GIDC had set the target of attracting 10,000 investment proposals and the same has been achieved. Also, the industries commissioner office has received 8000 investment proposals. Given the rush, the number is likely to be higher,” said a senior government official on condition of anonymity. With an average investment of about Rs 6-7 crore, this will fetch the state about Rs 1.2 lakh crore.
As per the data available with the Gujarat government, there are 261,000 MSMEs in Gujarat as on March 2014 — investments worth Rs 50,000 crore came to Gujarat between 2010 and 2014 – generating employment for 1.39 million people.
The recent policy on MSME is acting a catalyst. The state government has offered a spat incentives like cash assistance and soft loans for the promotion of MSMEs in the state.
“Gujarat government’s policy is favourable to small and medium scale industry. The government has also helped small industries in providing infrastructure facilities. The recent announcements of incentives in the new industrial policy has encouraged many small and medium enterprises in the state,” said Gujarat Chamber of Commerce (GCCI) MSME committee chairman, Jaimin Vasa, who is also a president of Gujarat Chemical Association.
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