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Gujarat's auto sector accelerates, leading Charge in e-Mobility with global investments
Industry News- Dec 19,23
Scheduled from January 10 to 12, 2024, in Gandhinagar, the 10th edition of the Vibrant Gujarat Global Summit serves as a biennial platform for businesses and governments to explore investment opportunities and foster partnerships.
Gujarat's automotive industry gained momentum in 2009 when Tata Motors established its Nano manufacturing plant in Sanand, located approximately 50 km from Ahmedabad. Since then, the state has attracted substantial investments from both domestic and international players. As the global focus shifts towards electric mobility, the Gujarat government aims to position itself as a prominent electric vehicle (EV) manufacturing hub.
Scheduled from January 10 to 12, 2024, in Gandhinagar, the 10th edition of the Vibrant Gujarat Global Summit serves as a biennial platform for businesses and governments to explore investment opportunities and foster partnerships. Experts predict that state-of-the-art infrastructure like the Dholera Special Investment Region and the Delhi-Mumbai industrial corridor will revolutionise the state's automotive sector.
Reflecting on the sector's evolution since 2009, Ratan Tata recalled the decision to relocate the Nano plant from West Bengal to Gujarat, emphasising the need for security and stability. The Vibrant Gujarat Global Summit, initiated in 2003 by then-chief minister Narendra Modi, has played a crucial role in attracting investments to the sector.
Major investments have been made in Gujarat's auto sector over the years. In 2011, Ford Motors invested Rs 5,000 crore in its Sanand plant, and in 2014, Suzuki Motors invested Rs 14,784 crore, generating 9,100 jobs. MG Motors acquired GM India's Halol Plant in 2017, making an initial investment of Rs 2,000 crore with an annual production capacity of 80,000 units.
The success of Gujarat's auto sector is evident, with 13% of the state's total Foreign Direct Investment directed to this industry, compared to the national average of 5%. The state's automotive sector is now valued at USD 3 billion, emerging as a significant exporter with over 8 lakh vehicles exported in the fiscal year 2020-21.
Suzuki Motors has been a key player, investing over Rs 28,000 crore in Gujarat over the years. Maruti Suzuki's Executive Director, Rahul Bharti, highlighted the impact of the Vibrant Gujarat Global Summit on increased sector investments since the company's decision to invest in the state in 2012.
The Mandal-Becharaji Special Investment Region (MBSIR), with USD 3 billion in investments, hosts major players like Maruti Suzuki and Honda, boasting a combined annual production capacity of over 10 lakh vehicles. The government has also emphasised research, development, and innovation in the automotive sector, establishing the International Automobile Center of Excellence (iACE) as a joint venture between the Gujarat government and Maruti Suzuki India.
Source: Business Standard
Gujarat
Vibrant Gujarat Global Summit
Suzuki Motors
Maruti Suzuki
Dholera Special Investment Region
Delhi-Mumbai industrial corridor
FDI
Ratan Tata
MG Motors
Ford Motors
Honda
International Automobile Center of Excellence
Mandal-Becharaji Special Investment Region
Sanand
Gandhinagar
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