From Nasdaq:

Indian Prime Minister Narendra Modi is hosting the Vibrant Gujarat Global Summit this week to attract investments. The event expects 100,000 visitors, including top executives from global companies like Microsoft, Google, and Toyota. Gujarat has attracted $34 billion in foreign investments. As hotel rooms get pricier and scarcer, Gujarat has signed initial investment pacts worth $120 billion, focusing on traditional and upcoming industries like semiconductors, electronics, and EVs.

Gujarat is cleaning and repairing roads in anticipation of the event, with hoardings of Modi encouraging investments. The state has attracted $34 billion in foreign investments. Hotel rooms have become scarce and expensive, with tariffs increasing from $150 to $420 a night. The state has recently signed investment pacts worth $120 billion and is focusing on traditional and upcoming sectors like semiconductors, electronics, and EVs.

Investors are eager to invest in India, betting on Modi’s business-friendly policies. Apple, Samsung, Kia, and Airbus have already expanded operations in India. Though skeptics question Modi’s protectionist policies, India remains an attractive investment destination, especially as U.S. firms quietly de-risk from China. Gujarat remains a sought-after investment hub occurring at a time when U.S. firms are quietly shifting away from China. Reuters reports that the “current government will come back in power,” as India is seen as an important destination for U.S. companies.

The event will draw the attention of domestic and foreign investors, hoping to invest in industries like semiconductors and electronics, which India currently lags. Gujarat also signed initial investment pacts with companies, including a steel giant, focusing on traditional industries and upcoming sectors like semiconductors, electronics, and EVs. Industries have been focusing on semiconductors, electronics, and EVs, and recently signed investment pacts focusing on traditional and upcoming industries.

It will be one of Modi’s last big attempts to assure investors about his business-friendly policies and bolster India’s reputation as an investment destination, just months before the 2024 national elections, where he will fight for a third term and is widely expected to win. U.S. companies “are factoring in that the current government will come back in power,” said Mukesh Aghi, President of trade group U.S.-India Strategic Partnership Forum which is leading its biggest ever delegation of 50-plus U.S. firms to the Gujarat summit.

Hotel prices have surged to $420 a night, up from $150, and visitors have to largely skip alcohol, as the state restricts liquor sales. Gujarat has signed investment pacts worth $120 billion and is focusing on upcoming sectors such as semiconductors, electronics, and EVs. Ahead of the event, it signed initial investment pacts worth $120 billion with more than 200 companies, including steelmaker ArcelorMittal’s local joint venture.

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(reuters://realtime/verb=Open/URL=mailto:[email protected])



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