MOUS AT STATE INVESTMENT SUMMITS, REAL OR PIE-IN-THE-SKY?

IT IS NICE AND UPLIFTING to see full page ads in leading national dailies, about an investment summit being organized by some state or the other.

- Krishan Kalra

Most carry pictures of the prime minister (inauguration by), governor, chief minister and industries minister (in the august presence of) and mention highlights of how the state economy is making great strides in various fields and how easy it is to set up a factory, 'single window service', 'hassle free quick land allotment' etc.

These are followed by more giving details of the number of MOUs signed and total value of the same, major sectors covered, foreign countries involved etc. and, at times, indication of how soon the work is likely to start.

Industry Partners

Usually one of the apex industry bodies (FICCI or CII) partners the event. One feels delighted to see these with regularity because economic and social growth must really happen from the states' level and it should not remain a duty of the government at the centre. I am not aware of how many of these actually get converted to investment and capital formation but the figures are truly large and if all were to fructify, it would do wonders to our economy.

In the 'post 1991' liberated scenario, I think Gujarat was the first off-the-block when, conceptualized by the then chief minister Shri Narendra Modi, they organized 'Vibrant Gujarat' in 2003. The intention was to create a platform for 'business networking, knowledge sharing and strategic partnerships for creating an inclusive society'. They have done this regularly, every alternate year, mostly around the same time mid-January and their 10th edition was held in 2024.