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Gujarat Government Inks Agreements Worth $86 Billion Ahead of Vibrant Gujarat Global Summit

In preparation for the upcoming biennial Vibrant Gujarat Global Summit, the Indian state of Gujarat has sealed preliminary investment deals totaling 7.17 trillion Indian rupees ($86.07 billion) with 58 companies spanning sectors like energy, oil and gas, and chemicals. Prime Minister Narendra Modi’s home state has been strategically securing these agreements ahead of the summit scheduled from January 10 to January 12 in Gandhinagar.

Key Investment Highlights

NTPC Renewable Energy Limited:

  • Proposed investment of 900 billion Indian rupees ($10.80 billion) for 15 GW renewable energy parks, catering to agricultural power needs.
  • Additional investment of 700 billion Indian rupees ($8.40 billion) for fuel cell electric vehicles, hydrogen blending, green chemicals production, and 5 GW hydrogen-based energy storage projects.

Torrent Power:

  • Agreement to invest 474 billion Indian rupees ($5.69 billion) in solar power projects (3,450 MW and 7,000 MW capacity), green hydrogen, ammonia manufacturing, and distribution networks in cities like Ahmedabad and Surat.

With NTPC and Torrent Power leading the charge, these strategic investments signal a robust push by Gujarat to attract both foreign and domestic investors. This move is pivotal as Prime Minister Modi aims to bolster investment in the country ahead of the national elections, where he seeks a third term. Last month, the state government had already secured investment agreements amounting to $18.75 billion, setting the stage for a potentially record-breaking summit attendance.

Important Questions Related to Exams

  1. What is the total value of the investment agreements signed by the Gujarat government ahead of the Vibrant Gujarat Global Summit?

  2. Which company proposed a significant investment of $10.80 billion for the creation of renewable energy parks and projects in Gujarat?
  3. What sectors do the 58 companies, signing investment agreements with the Gujarat government, operate in?
  4. In addition to solar projects, what other initiatives are included in Torrent Power’s agreement, and in which cities will these projects be developed?

Please provide your answers in the comment section!!

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