Modi magnet: India Inc makes a beeline for Gujarat

MODI'S MANTRA: Modi spelt out his mantra for attracting investment, even in times of recession.

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Ahmedabad: At the previous Global Investors' Summit, Tata Group chief Ratan Tata had famously said that one would be stupid not to invest in Gujurat. Two years down the line, not only Tata's Nano project has its new home, but other brands have also increased investments in Gujurat.

On Monday, Ratan Tata said, “I am glad I listened to my own advice and I can stand before you and say that I'm not stupid any longer."

Other industry leaders, too, were full of praise for Gujarat Chief Minister Narendra Modi's leadership as thousands of crores worth of investment was pledged in the inaugural session of the two-day summit.

Reliance Industries Chairman Mukesh Ambani said, “In recessionary trends, I see in the leadership of Narendra bhai a determination to overcome all odds.”

Here are some of the big brands who are investing in Gujarat:

• Cellular Operators' Association of India to invest Rs 40,000 crore.

• Videocon announces Rs 12,000 crore investment.

• ONGC to invest Rs 30,000 crore.

• Suzlon announces Rs 9,000 crore investment.

• Bharat Forge to invest Rs 7,000 crore.

• Welspun to make additional investment of Rs 4,500 crore.

• Deccan Airways to invest Rs 3,000 crore in air cargo logistics hub.

Meanwhile, Modi spelt out his mantra for attracting investment in Gujarat, even in times of recession.

“It’s not just good governance, but pro-active good governance. And by that I mean that the government must be able to visualise what requirements will arise five or 10 years from now,” Modi said.

This year's Investors' Summit is being organised under the shadow of a global economic slowdown, but going by the investment pledged in the inaugural session itself, it appears as if Modi is keen to convert challenges into opportunities.