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

Gujarat is set to host the Vibrant Gujarat Global Summit 2024, which will be inaugurated by Prime Minister Narendra Modi on Wednesday.

Gandhinagar

Gujarat Chief Minister 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 to PTI ahead of the tenth Vibrant Gujarat Global Summit, to be inaugurated by Prime Minister 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 and petrochemicals, gems, jewellery and ceramics, Gujarat has also emerged as the hub of the automobile sector, establishing itself as an economic powerhouse of the country, Mr. Patel said.

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.