Industry averse to another summit

The industry in Gujarat is not too upbeat about the idea of yet another mega event aimed at attracting investment into the state close on the heels of the Vibrant Gujarat global investors' summit.

The global summit saw signing of memorandums of understanding for projects totally worth Rs 66,000 crore, but the projects are yet to take off.

The state government now plans to hold 'Pravasi Patang Utsav', a kite-flying festival for non resident Gujaratis (NRGs) with the intention of attracting investment into the state.

Although the companies already doing business here are not expected to make any further announcements of investments, the government has approached them, seeking assistance in sponsoring the kite festival, which will be held in Ahmedabad and other major cities of the state simultaneously.

An official of a leading corporate house said, "The target this time is non resident Gujaratis and the government wants them to make investments in their homeland. But to organise such massive events, the government is looking for sponsorships from us. The government wants to make the events a success by organising sponsorships from us."

Last week, representatives of big corporates operating in the state were called for a meting with state government officials in Gandhinagar to discuss the issue of sponsorship for the event that will be held on January 14, the Makarsankranti day.

"The kite flying festival is extremely popular in the state and the government aims to attract investments from NRGs using the festival as a tool. But it is too close on the heels of Vibrant Gujarat, which saw record investments in promise. I do not think people will promise any more investments so soon," felt another industrialist here.

The government was forced to go for another event involving non resident Gujaratis settled mainly in the United Kingdom, Canada and African countries, after the Vibrant Gujarat summit failed to garner any significant foreign investors' interest.

The 'Pravasi Patang Utsav' will see a good presence of non-resident Gujaratis.

The state government is also planning to hold a series of meetings with NRGs a couple of days ahead of the festival with the intention of attracting more investments into the state.

The Tourism Corporation of Gujarat Ltd (TCGL) and other agencies have been entrusted with the task of organising the festival.

Industrialists here are of the opinion that apart from making the kite festival popular abroad, the exercise will serve little other purpose.