Small and medium enterprises sector created a big bang at the Fourth Vibrant Gujarat Global Investors' Summit, where a dedicated platform was created for the first time.
And the response it received was tremendous: About 7,200 memoranda of understanding, worth Rs 7,000 crore (Rs 70 billion), have been signed. The MoUs aim to generate more than 2,80,000 jobs in Gujarat.
What's more, four major banks, including State Bank of India and Commonwealth Microfinance India from the UK, signed MoUs worth Rs 60,000 crore (Rs 600 billion) with the Gujarat government to support the SME sector.
India's largest public sector bank SBI signed an MoU of Rs 30,000 crore (Rs 300 billion), Bank of Baroda Rs 15,000 crore (Rs 150 billion), Central Bank of India Rs 11,000 crore (Rs 110 billion)and Dena Bank Rs 5,000 crore (Rs 50 billion)with Gujarat government.
SBI chairman O P Bhatt said, "Gujarat is a very strategic location, where you can get large connectivity, clusters, ports and many more facilities. In the next five years, the development of the SME sector in India is going to be huge compared to other countries.
SBI will lend Rs 30,000 crore (Rs 300 billion) to the state in the next three years for the SME sector."
State government agencies Gujarat Industrial Development Corporation and various district industrial centers (DIC) signed MoUs in this summit.
The major MoUs have been directed towards investment in Saurashtra and Kutch regions of the state.
While GIDC north zone has committed to Rs 443 crore (Rs 4.43 billion) through 107 MoUs, south zone has signed 91 MoUs worth Rs 700 crore (Rs 7 billion).
