VGS kicks off; Indian, foreign cos announce huge investments

Large conglomerates from India and abroad today announced huge investment and job creation plans at the two-day Vibrant Gujarat Summit, which kicked off this morning in presence of Prime Minister Narendra Modi and leaders from across the world.
While Reliance Industries chief Mukesh Ambani said his group would invest Rs 1 lakh crore in 12-18 months across businesses, Kumar Mangalam Birla of Aditya Birla Group announced investment plans for Rs 20,000 crore in the state.
Among foreign companies, Australian mining giant Rio Tinto's CEO Sam Walsh said the group would add 30,000 jobs in diamond cutting industry in Gujarat, adding that Australia is looking forward to the state as a promising business destination.

Vibrant Gujarat Summit (VGS) is a biennial global business summit, being held since 2003, when Modi was Chief Minister of the state, and has always seen huge investment commitments running into billions of dollars being announced by business leaders from India and abroad.
Speaking at the seventh edition of VGS, Modi said there is a need to work for sustainable and inclusive growth and fluctuations in the global economy is the biggest concern.
Modi said various countries are coming forward to work with us and India also wants to work with global leadership on issues ranging from poverty to ecology.

On the first day of the VGS 2015, various leaders and experts from across the world also called for greater reforms in the country.
World Bank President Jim Yong Kim, who was also present, said tax and subsidy reforms are essential for inclusive growth in India. (MORE).