Stable government, favorable policies fueled broad economic growth in Gujarat: Officials

Gujarat has established itself as the “Engine of India’s Growth” by consistently setting high standards in macroeconomic indicators, outperforming the national average over the last two decades on the back of a stable government and favorable policies. The officials have said this. Ahead of the Vibrant Gujarat Global Summit to be held in Gandhinagar from January 10 to 12, officials said Gujarat’s geographical area is only six per cent of India and it is home to only five per cent of the country’s total population…yet Gujarat has the distinction of being one of the most industrially developed states.

According to official data, Gujarat contributed about eight per cent to India’s gross domestic product (GDP) at current rates with a gross state domestic product (GSDP) of Rs 22.61 lakh crore in FY 2022-23. Gujarat Chief Secretary Raj Kumar had said at a recent event that the current GSDP is Rs 22.61 lakh crore, which shows an impressive growth of 11 times compared to Rs 91,000 crore in 1997-98. “Stable government and favorable policies have driven Gujarat’s growth,” he said. ,

Gujarat Chief Minister Bhupendra Patel said at an event ahead of the upcoming Vibrant Gujarat Global Summit that Gujarat has become a favorite of investors due to Prime Minister Narendra Modi’s visionary leadership, proactive policy-based approach, investor-friendly attitude and strong industrial infrastructure. Is. He said the state has earned recognition as the “growth engine of India”. This has been further strengthened by the Vibrant Gujarat Global Summit, a platform for ‘business networking’, knowledge sharing and socio-economic development.” The Chief Minister emphasized that through this summit, Gujarat will be a part of the Prime Minister’s ‘Developed India @2047’. ‘ will realize the vision.

According to official data, the manufacturing sector has played an important role in the growth of Gujarat. Till the financial year 2021-22, it has contributed about 36.7 percent in GSDP. The data showed that the state consistently ranked first in India’s industrial output since fiscal year 2016–17. By 2019-20, it reached the second position in the list of highest number of factories with 11.6 percent i.e. 28,479 factories.

According to the government, the state’s substantial base of more than 13 lakh micro, small and medium enterprises (MSMEs) also sets it apart. Sachin K., member of the executive committee of Gujarat Chamber of Commerce and Industry (GCCI). Patel said the state’s strong economic fundamentals and industrial prowess have not only enhanced its stature but also set a benchmark for the country.

Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.

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