With Rs 12-lakh-crore worth MoUs signed in two days by some of the global and national business groups, Gujarat has clearly poised itself as the top investment destination of the country. The two-day Vibrant Gujarat Global Investors’ Summit 2009 on January 12-13 drew delegates from 47 nations and the who’s who of India Inc including Ratan Tata, Mukesh Ambani, K V Kamath, Shashi Ruia, O P Bhatt, Sunil Mittal and Anil Ambani who put their stamp of approval over the investor-friendly approach of the state government.

And its not just about attracting investments. The state also accounts for 54% of India’s onshore crude oil production, 50% of India’s natural gas production, 46% of India’s installed refining capacity and 60% of India’s total crude oil import facility.

It is the overall growth potential of the state that has led to the Planning Commission setting a target growth rate of 10.2% for the state in the 10th Five Year plan compared to the average 8.2% for the entire country. The state has been registering a growth of 10-11% for the last several years and all set to take on the challenges of the next five-year plan target. And despite the global economic slowdown, the CM on record exuded enthusiasm in maintaining the growth rate of more than 11%.

The four global investors’ summit held by the state in the year 2003, 2005, 2007 and the latest, in 2009, have only gone on to establish the fact that the state will lead the country as its growth engine. In all 25 lakh new jobs from the proposed investment of Rs 12 lakh crore were promised through 8,500 MoUs in just two days of the 2009 summit.

The figure tells the interest that the state has generated among the corporate over the last six years since the first Vibrant Gujarat summit took place in 2003. While the 2003 summit saw 76 MoUs involving commitments of $16 billion, the 2005 summit saw 226 MoUs signed committing $24 billion. In summit 2007, investments worth $152 billion was committed through 675 MoUs. The Reserve Bank of India has also considered Gujarat as the top-most state for drawing 22% of India’s total investments.