NEW DELHI : A study by Colliers India on the country’s manufacturing sector growth has said that Gujarat is expected to play a significant role in helping India’s manufacturing market touch the $1 trillion mark by 2025-26. As per the study, Gujarat achieved the highest investment in the manufacturing sector for 2023 and takes the lead as the most preferred destination for manufacturing. The state is followed by Maharashtra and Tamil Nadu.
Discussing Gujarat’s role in becoming India’s manufacturing hub, Executive Director and Head of Advisory Services at Colliers India, Mr. Swapnil Anil said that with the new industrial policy, Gujarat allocates approximately 34.7% of incentives and benefits specifically for the sector. “This percentage is exclusively designated for manufacturing, which boasts the lowest average setup cost among all states. As a result, Gujarat has attracted investments exceeding Rs30,000 crores in 2023 from domestic and foreign manufacturers, resulting in strengthening the state’s industrial footprints,” he said.
The Colliers’ study credits factors like the Vibrant Gujarat Summits that created a global economic alliance, the strategic MoUs that led to strong manufacturing partnership, the state’s manufacturing dominance and incentive allocation, and stellar labour relations and government stability for its top spot.
Vibrant Gujarat MoUs Meanwhile, Minister Shri Rushikesh Patel, while sharing details about the 10th Vibrant Summit scheduled for January, said Wednesday marks the signing of 47 MOUs valued at a record Rs 1.56 lakh crores.
He further said that under the Vibrant Gujarat Vibrant District Innovation Initiative (VGVD), approximately 2600 MOUs worth Rs46,000 crore have been completed, which could create 1.70 lakh jobs.
In the months leading up to the 10th Vibrant Gujarat Global Summit, Gujarat has entered into several Memoranda of Understanding (MoUs). Notably, three agreements signed in October 2023 exceed a cumulative value of Rs 3,000 crore, spanning various sectors such as textiles, industrial parks, engineering, and the automotive industry.
State to be Manufacturing Hub
- In 2023, Gujarat garnered investment in the manufacturing sector, exceeding Rs 30,000 Cr.
- The Indian manufacturing market has the potential to achieve a valuation of $1 trillion by 2025-26.
- Gujarat is positioned to become the leading manufacturing powerhouse in India.