Gujarat has set target to become $500 billion economy by 2026-27 : CM Patel

GANDHINAGAR : Gujarat Chief Minister Shri Bhupendra Patel has said his government has set a target to contribute 10 per cent to India’s GDP and become a ₹500 billion economy by 2026-27

Gujarat contributes 8.3% to the national Gross Domestic Product (GDP), Mr. Patel said in an email interview ahead of the tenth Vibrant Gujarat Global Summit, to be inaugurated by Prime Minister Shri Narendra Modi on Wednesday. “With 5% of the population, Gujarat contributes over 8.3% to the national GDP. In the previous year, the state accounted for a remarkable 33 per cent of India’s total merchandise exports,” he said.

The summit will showcase Gujarat’s futuristic projects and investments (DREAM City, GIFT City, Dholera SIR, Ahmedabad-Mumbai High Speed Rail), encompassing new and emerging sectors such as semiconductors, renewable energy, electric vehicles, green hydrogen, aerospace and defence, plug-and-play parks, artificial intelligence, smart greenfield cities to name a few, he said.

Apart from leading in sectors such as textiles, chemicals & petrochemicals, gems & jewellery and ceramics, Gujarat has also emerged as the hub of automobile sector, establishing itself as an economic powerhouse of the country, Patel said. “With 5 per cent of the population, Gujarat contributes over 8.3 per cent to the national GDP. In the previous year, the state accounted for a remarkable 33 per cent of India’s total merchandise exports,” he said.

“The strong global ties and a diversified GSDP make our economy exceptionally resilient. Our government has set a target to contribute 10 per cent to India’s GDP and becoming a $500 billion economy by 2026-27,” Patel said in reply to a query on what will be the contribution of Gujarat in making India a $5 trillion economy.

“Our strategic focus is concentrated on sectors that not only define the current economic landscape but also play a pivotal role in shaping the global future. The growth of the state has substantially facilitated in solidifying the concept that says, ‘Gujarat means growth’,” he said.

Strategic development in new and emerging sectors such as semiconductors, green hydrogen, electric vehicles, renewable energy, and the financial services industry stand as prime examples of the state’s progress toward achieving this ambitious goal, the CM said.

Gujarat will play a pivotal role in realising Prime Minister Narendra Modi’s vision of ‘Viksit Bharat @2047’, Patel said. Under the visionary leadership of PM Modi, the Vibrant Gujarat Global Summit has been a game changer for the state, the CM said. The previous nine editions of the summit have positioned Gujarat as one of the most preferred investment destination, contributing significantly to India’s growth story, he added.

GIFT City’s potential

He said that the Gujarat International Finance Tec (GIFT) City located in Gandhinagar, is poised to become one of the world’s premier international financial centres in the coming years. “I firmly believe that the GIFT City is poised to become one of the world’s premier international financial centres in the coming years,” Mr. Patel said.

The GIFT City is undergoing massive infrastructure expansion after which the total land area will reach around 3,400 acres, he said in the email interview. The riverfront along the GIFT City is being developed with an international-level retail, recreation and entertainment zone. Metro connectivity to the GIFT City will also be operational by mid-2024, he said.