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Demonetisation will boost foreign investors’ confidence, says Gujarat CM Vijay Rupani

Rupani said, “Prime Minister Narendra Modi’s decision to replace Rs 1,000 and Rs 500 notes is a masterstroke."

Written by Shubhangi Khapre | Mumbai |
November 23, 2016 2:54:12 am
Vijay Rupani, Demonetisation Vijay Rupani, Vijay Rupani foreign investment, black money, india news Terming the hardships people are facing because of the demonetisation drive as temporary, he said, “The decision will not have any adverse impact politically.” (Source: File)

The demonetisation drive aimed at tackling black money and terrorism will send a positive signal to foreign investors, said Gujarat Chief Minister Vijay Rupani here on Tuesday. Speaking to The Indian Express on the sidelines of the pre-Vibrant Gujarat Summit meet, Rupani said, “Prime Minister Narendra Modi’s decision to replace Rs 1,000 and Rs 500 notes is a masterstroke. It will build the confidence of foreign investors in doing business in India.”

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Terming the hardships people are facing because of the demonetisation drive as temporary, he said, “The decision will not have any adverse impact politically.”

Rupani landed in Mumbai along with a team of ministers and officials to aggressively market Gujarat to captains of industries. Shortly after his arrival, he met top industrialists led by Ratan Tata (Tata Group), Mukesh Ambani (Reliance Group) and Anand Mahindra (Mahindra & Mahindra), among others.

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Gujarat attracted Foreign Direct Investments up to $12.4 billion in 2015, contributed 7.14 per cent to India’s GDP and accounted for 35 per cent of the stock market wealth of the country.

The eighth edition of the global summit Vibrant Gujarat will be held in the state from January 10 to 13. Modi will inaugurate the summit in his hometown. During the event, on January 9, 10 Noble Prize-winning scientists will visit the state. Interestingly, apart from industrial investment, the state government is also pushing the concept of a ‘Science Conclave’ to promote pure sciences like physics, chemistry and mathematics.

Saying that it would partner with Singapore for the summit, he said, “In the next three weeks, the state government will formalise its policies on defence, aerospace, health and digital sectors.”

The government has decided not to impose the pre-condition of impact assessment environment document for setting up units in defence and aerospace sectors. Also, high on the government’s agenda is to showcase its Gift City to both domestic and foreign investors.

Expressing concern over Gujarat’s ranking taking a beating to Andhra Pradesh and Telangana from first to third position, the chief minister said, “We are striving to restore our rank through new efforts.”

On support from the Centre, he said, “In the past when Modi was the chief minister of Gujarat, the UPA government at the Centre never cooperated with the state. They tried to thwart Modi’s efforts to develop the state.”

“But Modi is at the Centre now and Gujarat holds a special place for him. He will extend full support for its development in every sector.”

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