Gandhinagar, Jan 13 (KNN) As many as 25,578 memorandum of understanding (MoUs) have been signed at Vibrant Gujarat Summit-2017.

It had been anticipated that over 16000 MoUs would be signed at the Summit but the it came to an end on Thursday, with 25,578 memorandums of understanding (MoUs) signed during the three-day event which saw participation of over 33,000 people from across 10 nations.

According to the Rajiv Raval, past president of Gujarat State Plastic Manufacturers Association (GSPMA) it is an all-time opportunity for the young entrepreneur and youths of the states.

“Such huge summit has always been good for young entrepreneur, there are many youths as well who were seeking such opportunity since a long time,” said Raval.

He said that during the summit government has introduced a special credit scheme for the small industries.

“A special credit scheme of rupees 2crore for small scale industries is launched by the government,” added Rajiv.

While Federation of industries Association (FIA) claims that most the MoUs signed with a view to expand the already established industries.

“Most of the MoUs signed is for the expansion for the industries, there is nothing much for the start-ups,” said Jagdishbhai Ramani, President, FIA.

As in his previous talk with KNN he once again said that government’s focus was on Foreign Direct Investment (FDI), not on MSMEs.

Reliance, IOCL and lot of machinery manufacturers have registered in the seminar yesterday.

According to the statement of the Gujarat deputy chief minister Nitin Patel, “As many as 25,578 MoUs have been signed at this edition of the summit, which is 2,500 more than the number that were signed at the last edition in 2015. The highest number of MoUs were signed for micro, small and medium enterprises (MSMEs) amounting to 18,533 MoUs, followed by 5,938 MoUs for large-scale industries and 1,107 MoUs for technology sharing,” said deputy CM.

Defence minister Manohar Parrikar, who was also present at the ceremony, congratulated the state government for the summit’s success. Lauding the state and its people,

The MoU is expected to generate Rs 67,000 crore worth of business in the state. The state will bear 25% project cost and provide land and facilitate implementation of the project. (KNN/RAS)