INDIA
As against the touted 60-70% success rate, figures show that only 15% of the investments proposed in the first four editions of Vibrant Gujarat Summit have materialised.
The Gujarat government has been making tall claims about the success of chief minister Narendra Modi's pet event, the Vibrant Gujarat Global Investor Summit (VGGIS) , but the reality seems to be totally different.
As against the touted 60-70% success rate, figures show that only 15% of the investments proposed in the first four editions of Vibrant Gujarat Summit, i.e. from 2003 to 2009, have materialised into actual investments so far. The percentage would come down to single digits if VGGIS 2011 is also taken into account.
MoUs proposing investment of a staggering Rs18.77 lakh crore were signed at the biennial event from 2003 to 2009. The first Summit in 2003 saw signing of 80 MoUs proposing investments of Rs66,068 crore. The numbers rose to 226 and Rs1.06 lakh crore in 2005, and further to 454 and Rs4.65 lakh crore in 2007. The 2009 Summit witnessed signing of 8,860 MoUs, while the investment proposed was of Rs12.39 lakh crore.
However, of the total investment proposed at the four events, investments worth only Rs2.88 lakh crore, i.e. 15.35%, have materialised so far.
The figure falls further to 8.03% if MoUs worth Rs20.83 lakh crore signed at the Vibrant Gujarat Summit of 2011 are also taken into calculation.
What is shocking is that in spite of the tall claims, the ratio of MoUs resulting into actual investment has fallen with every Vibrant Gujarat Summit. The success rate of 2003 Summit was 52.5%, which came down to 50.88% for the 2005 event. For the 2007 Summit, the actual investment was 35.24% of the investment proposed, while the figure was 15.10% for the 2009 Summit.
However, the government claims that many MoUs are still under implementation, and much higher investment would be realised.
"The successive Vibrant Gujarat Summits have been huge successes. The success ratio is more than 60-70%," industries minister, Saurabh Patel, said. Patel accepted that success ratio of 2011 MoUs was lower so far, but clarified that this was only because of long gestation periods of projects, particularly those related to power, infrastructure, ports, among others.
However, the Opposition Congress does not buy the argument.
"The Vibrant Gujarat Summit is hogwash. The chief minister uses the platform for his publicity, but there are little gains for the state," Gujarat Congress president, Arjun Modhwadia, said.
Government records show that MoUs (from the first four Summits) totalling a further Rs5.03 lakh crore are under various stages of implementation. This includes projects worth Rs2.81 lakh crore from 2009 Vibrant Gujarat Summit and Rs1.84 lakh crore from 2007. Interestingly, projects worth Rs10,710 crore from the 2003 Summit, and Rs27,932 crore worth of projects from 2005 are also still under implementation.
With regards to MoUs signed in 2011, actual investment of Rs29,815 crore has been realised so far, while projects worth Rs2.49 lakh crore are under implementation.
Maharashtra: 3 killed, 9 hospitalised after gas leak at fertiliser plant in Sangli
THIS farm is selling a cup of coffee for Rs 28000, but there's a twist, it is...
Chhattisgarh: 10 Maoists killed after encounter with security personnel in Sukma
Mukesh Ambani's SUPERHIT plan for Jio users, offers unlimited 5G access for 1 year for just Rs...
IND vs AUS 1st Test: KL Rahul's dismissal sparks DRS controversy in Perth Test
Dense fog, heavy rain predicted in these states till November 25; check here
Oreshnik Hypersonic Missile: Which nations are within its range?
Bihar teacher, principal reach school in drunken state; know what happened next
'I have faced a lot of...': Arjun Kapoor REVEALS his biggest fear amid break up with Malaika Arora
How millions of Indians may get affected due to US indictment of Gautam Adani in bribery case
Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan says 'missing someone is okay but...'
After Bibles, watches and sneakers, Donald Trump is now selling autographed guitars, price is...
Delhi pollution: Air quality improves to ‘very poor’ category, AQI at...
Vladimir Putin's BIG threat, warns he could strike UK with new ballistic missile if...
Shillong Teer Results TODAY November 22, 2024 Live Updates: Check winning numbers here
Somebody misbehaved with Alia Bhatt on Highway sets then Imtiaz Ali had to...
Zomato CEO Deepinder Goyal reveals twist behind Rs 200000 job fee, closes application window
Days after Ratan Tata's demise, Tata Group's Rs 131000 crore company inks pact with ADB for...
WATCH: Woman makes Biryani with Parle-G biscuits, viral video fumes internet
Only train in India in which passengers can travel for FREE; check route, timings and more
'Justice for biryani': Parle-G biryani takes internet by storm, video goes viral
DNA TV Show: Why Gautam Adani charged with bribery and fraud in US
IND vs AUS: Records Virat Kohli can break during Border-Gavaskar Trophy
Diljit Dosanjh fans get angry over Ananya Panday's birthday post for her grandmother, here's why
Reddit suffers outage with ‘upstream connect error’ message, says 'currently investigating...'
Border-Gavaskar Trophy: How has Jasprit Bumrah fared in Tests in Australia?
Delhi records coldest night of the season, temp drops to...
Crossing the Line: Ukraine's Use of Storm Shadow Missiles and the Escalation of Conflict
When Malaika Arora talked about the controversial ‘instant pleasure’ ad, it was for…
This is the world’s most expensive shopping street, not Fifth Avenue, New Bond Street, it is...
Big setback for Gautam Adani, Kenya cancels Rs 6216 crore deal with Adani Group due to...
Viral video: Man’s jugaad to stay warm in winter will leave you SHOCKED, watch here
Hinduja Group firm gets key approval for acquisition of Anil Ambani's debt-ridden Reliance Capital
Viral video: Middle-Class man lives dream of having tea at Taj Hotel, netizens applauds
Shloka Mehta looks stunning in white floral kurta as she clicked with Akash Ambani, it costs Rs....
Who is Sagar Adani, Gautam Adani's nephew, accused of bribery, fraud charges in US?
PayPal down: Several users face issue while logging into accounts, say 'no one could...'
IND vs AUS: Jasprit Bumrah, Pat Cummins eye historic captaincy milestone in Perth Test
BGT 2024, Ind vs Aus: Can Shubhman Gill be the new Cheteshwar Pujara? Is he really ready?
The Ultimate Guide to Luxury Gifting: Discover Heirloom Pashmina by Pashmina.com
Effortless Relocations: The Perks Of Professional Removalists In Melbourne
Watch: Pakistan fan with 'Imran Khan' poster asked to leave Hobart stadium in Australia
International Criminal Court issues arrest warrant against Israeli PM Benjamin Netanyahu for...
What is demisexuality? Everything you need to know about this lesser-known sexual orientation
WATCH: World’s shortest woman meets world’s tallest woman, video goes viral
IND vs AUS 1st Test: Predicted playing XIs, Perth weather forecast and pitch report
IND vs AUS: When will Rohit Sharma join India squad? Check latest update
'Scam 2024': Diljit Dosanjh lookalike pranks people on Pune streets, video goes viral
Delhi Air Pollution: Centre announces staggered work timings for govt employees; check details
Mukesh Ambani's Reliance Jio loses nearly 80 lakh subscribers in just 30 days, BSNL adds...
IND vs AUS, 1st Test Dream11 prediction: Fantasy cricket tips for India vs Australia match
This country has most expensive passport in world, not US, UK, UAE, it costs Rs...
Amitabh Bachchan opens up on Aishwarya Rai-Abhishek Bachchan divorce rumours
Amid rising air pollution, Delhi-NCR's crematorium records cleanest air; check AQI here
Revolutionising Medical Imaging: Venudhar Rao Hajari’s impact on healthcare technology
Abhishek Gupta and Onevision Media: Scaling brands on social media