Pharma, auto-ancillaries, oil & gas among focus sectors
While Gujarat is yet to have any significant big-ticket investment from Russia and neighbouring countries, a state-level delegation visited the Central European countries to woo investors for the upcoming Vibrant Gujarat Global Investors Summit (VGGIS) in January 2013.
In a poll-bound Gujarat, the state government is going all out to promote its flagship investment meet.
A delegation led by Gujarat Industrial Development Corporation (GIDC) vice chairman and managing director BB Swain visited Russia, Poland, Czech Republic, Hungary and Kazakhstan recently.
While Japan and Canada will be the partner countries for the 2013 edition of VGGIS, Russia's Astrakhan province and Australia's South Australia province are likely to be partner provinces.
A senior government official, who went as a part of the delegation, said that the focus this time was on oil & gas, information and communications technology (ICT), pharmaceuticals, automobiles and engineering sectors.
"Auto ancillary units in these Central European countries have shown interest in coming to Gujarat", the official said.
Gujarat and Russia are likely to explore investment opportunities in the areas of oil and gas, shipbuilding, food industries, pharmaceuticals, fisheries, diamond cutting and polishing among others.
Apart from Russia, Poland has shown interest to invest in the renewable energy sector in the state.
The delegation has signed a memorandum of understanding (MoU) with the Indo-Polish Chamber of Commerce and Industry (IPCCI). And as per the MoU, IPPCI would be the sole representative to promote Gujarat in Poland.
Already around seven to eight delegations have visited several countries across the globe to promote the VGGIS event, including one led by chief minister Narendra Modi himself to Japan.
Reserve Bank of India today said it there is no need to explain the monetary policy and it stands by monetary policy statement.
The Commerce Ministry had recommended restoration of original exemption (pre 2011-12 budget) from MAT and DDT to SEZs