$100-bn bait: Modi tells states to compete

INDORE: Prime Minister Narendra Modi said on Thursday foreign investment worth $100 billion is knocking at India’s doors, as top industrialists promised to pour in big bucks in Madhya Pradesh to help boost India’s fastest growing state. Modi was speaking at the Global Investors’ Summit here.
“Investments worth $100 billion from abroad have applied for visa,” he said. “Now it is the turn of the states to capitalise on the opportunity. The roads are wide open. The states which are ready can walk away with major share.”
Indian industry promised investments wor th nearly ` 100,000 crore for the state.
The bulk of these investments were pledged by ADAG, Reliance Industries, Adani Group and Suzlon. The four companies have pledged investments of ` 85,000 crore in the state over the next 4-5 years. The amount easily overshadow ` 11,500 crore pledged for Maharashtra at a similar summit last month, but is no match to the Vibrant Gujarat Summit
Suzlon Energy will invest close to ` 15,000 crore in the next five years to set up power projects of 2,000 MW. Essar group chief Shashi Ruia said his company has already invested ` 9,000 crore, and will put in an additional ` 4,000 crore for coal bed methane exploration.

Elder brother Mukesh Ambani, chairman, Reliance Industries, also pledged to double investments. The company would invest nearly ` 20,000 crore while Adani Group would also pump in a similar amount in the next five years.
 NAME-RAJ GAURAV
            PGDM 3 SEM