Guj Summit 2011: 18 pc of total projects dropped

Of the total projects for which Memorandums of Understanding were signed during the Vibrant Gujarat Summit 2011, 18.40 per cent of them were dropped, the Gujarat Assembly was informed today.
"Investments assured as per the MOUs is a continuous process and as of December, 2012, out of total 8,380 MOUs signed, 2,905 projects have been commissioned and 1,417 are in implementation stage," Minister of State for Industry Saurabh Patel said while answering a question by Congress MLA Manilal Vaghela.
"While 1,542 companies have dropped out, rest 2,516 are in preliminary stages," he said.
"During the VGS 2011, MOUs for Rs 20.83 lakh crore investment were signed and after 18.40 per cent of projects dropped out, process for Rs 18,27,697 crore investment is on," Minister said during the question answer session.

"There are many reasons for a company to drop out of its commitment which include market situation, changes in business plans, financial environment, feasibility or international scenario," he said.
Patel also claimed that after the 2011 VGS, the Centre started harassing Gujarat.
"Income Tax department sent us a letter on February 17, 2011 asking the state government to provide all details of the MOUs signed during the Vibrant Summit, which our government has flatly refused to provide," he said while answering a question on the issue by BJP MLA Vallabh Kakadia.