Narendra Modi with one of the recent large investors in the state Mr. Osamu Suzuki of Maruti Suzuki

Ahmedabad, 3 January 2012

In his Financial Express article published today, Gujarat Chief Minister Narendra Modi has estimated that Gujarat will attract fair chunk of Mukesh Ambani’s assured investment of Rs 70,000 before the Prime Minister.

“There are reports that Mukesh Ambani assured Singh that he is ready to invest R70,000 crore immediately. Where will he invest? There are no prizes for guessing that Gujarat will attract a fair chunk of those investments,” Modi said in his article adding that MNC giants like Ford are setting up facilities in my state, making it a global auto hub.

“Investors need policies that inspire confidence, stability, transparency, a government that governs and reforms. Investors are enthused when a government reduces the costs of doing business. They are impressed with mechanisms to remove bottlenecks,” Modi further added.

Commenting on current financial situation of the nation, Modi said, ‘in these troubling times, industrialists prefer to invest more outside than in their own country. India’s outbound foreign investments outpaced inflows of FDI for the first time in 2010-11. This financial year continues to witness the same trend. At this rate, outflows may well exceed inflows again this financial year, affecting overall growth.”

Modi therefore suggested that restoring investor confidence must be our overriding priority in 2012.

He said we(the people) need a strong, stable and transparent leadership with a vision for the future and the ability to take quick decisions at the Centre.

Modi suggested a need to fine tune investment regulations for FDI and implementation of Second-generation reforms.

Modi said an agrarian crisis is raging elsewhere due to policy neglect. He said there is an urgent need to review them and increase flexibility in labour laws. In fact, labour should be made a state subject.

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