Gujarat resorts to kite flying to rake in investments

Close on the heels of the 'Vibrant Gujarat' global investors' summit, the cash-strapped state government is organising a three-day 'Prabasi Patang Utsav' (non-resident Gujarati kite flying festival) in Ahmedabad and other major cities of the state during mid-January.

The government is organising the festival to attract investments from the large number of non-resident Gujaratis (NRGs) settled mainly in the United States, Canada and various African countries.

The government has already initiated talks with big corporates to secure sponsorship for the event.

Memorandums of understanding for projects totally worth Rs 66,000 crore had been signed at the recently concluded global investors' summit organised by the government.

The projects are yet to come up and the summit failed to attract any significant foreign investment.

The government is now inviting the NRGs to set up industries in their home land.

The government, which is facing a fund crunch and was forced to seek overdraft from the Reserve Bank of India during the first week of this month, has decided not to spend money from the state exchequer for the event and to rope in corporates to sponsor the meet.

Early this week, representatives of some big corporate houses were called to the state capital, Gandhinagar, to discuss the sponsorship of the event. The government will hold discussions with NRGs and other potential investors during the first two days of the meet.

The government would seek private participation for some projects it has already chalked out.

On January 14, the 'Makarsankranti' day, NRGs will take part in kite flying. Chief minister Narendra Modi will attend the festivities as the chief guest, a source in the government said.

The Tourism Corporation of Gujarat Ltd (TCGL) and IndexTb (Industrial Extension Bureau) of the state government are working out the programme for the meet.