Biz summit day 1: Assam receives Rs 2.5 lakh cr investment proposals; PM praises state's efforts

Guwahati, Feb 25 (PTI) Assam attracted investment proposals worth more than Rs 2,50,000 crore on the first day of a business summit on Tuesday, with Prime Minister Narendra Modi stating that the conclave is a great campaign to connect the whole world with the possibilities and progress of the state.

On the inaugural day of the two-day Advantage Assam 2.0 Investment and Infrastructure Summit 2025, four private sector behemoths Reliance, Adani, Vedanta and Tatas cumulatively announced investment of whopping more than Rs 2 lakh crore in the Northeastern state.

Out of the total announcements, Rs 1.89 lakh crore of investments were cemented in the form of 114 agreements signed between various companies and the Assam government.

Asserting that it was a beginning of new era in the "sacred land" of the Northeast, Modi said the 'Advantage Assam 2.0' investment summit is a great campaign to connect the whole world with the possibilities and progress of the state that boasts an economy of around Rs 6 lakh crore.

"History is witness to the major role played by eastern India in India's prosperity. Today, as we progress towards Viksit Bharat, these regions will display their true potential," the PM said while inaugurating the summit here.

"Despite global instability, experts unanimously agree on one certainty: India's rapid growth," he added.

Modi said India's robust connectivity with East Asia and the newly launched India-Middle East-Europe Economic Corridor is opening up new opportunities.

He underscored that a combination of institutional reforms, industry, infrastructure, and innovation forms the foundation of India's progress.

The PM said Assam is emerging as a gateway between Southeast Asia and India.

Modi said Assam's natural resources and strategic location make it a preferred destination for investment. He cited Assam tea as an example of the state's potential and said it has become a global brand over the past 200 years.

"Assam has always played a role in global trade, and over 50 per cent of India's onshore natural gas production comes from the state. Additionally, Assam's refinery capacity has significantly increased in recent years," he added.

"Assam is developing into a key centre for semiconductor manufacturing in India. The recent inauguration of the Tata Semiconductor Assembly & Test facility at Jagiroad will promote technological growth in the Northeast," he added.

Assam will have a USD 143 billion economy by 2030, Chief Minister Himanta Biswa Sarma claimed, urging investors to join the state's growth trajectory.

Speaking at the inaugural function, Sarma emphasised that the state has emerged from being the "most disturbed" to the "most peaceful" now.

"The state's GDP growth this year will be 15.2 per cent. The economy will reach USD 143 billion by 2030," he said.

Sarma urged heads of missions and ambassadors of over 60 nations, foreign business delegations and industry leaders of the country to invest in Assam.

Reliance Industries Chairman Mukesh Ambani said that the company will invest Rs 50,000 crore across five verticals, including nuclear energy and hospitality sector, in Assam over the next five years.

"At the 2018 investment summit, I announced an investment of Rs 5,000 crore. Since then, the investments have crossed Rs 12,000 crore. This amount will quadruple and we will invest Rs 50,000 crore in the next five years," he said.

The areas where this amount will be pumped in include green and nuclear energy, the supply chain of food and non-food products, and expanding the footprint of Reliance's retail stores, Ambani added.

Mining major Vedanta Group Chairman Anil Agarwal announced that the firm will pump in Rs 50,000 crore in the oil and gas sector in Assam and Tripura over the next 3-4 years.

He said group firm Cairn Oil & Gas has already invested around Rs 2,500 crore in the two states of the northeast region.

Adani Group chief Gautam Adani said his company will invest Rs 50,000 crore across various sectors in Assam.

The investment will span across areas such as development of airports, aero cities, city gas distribution networks, power transmission, cement and road construction, he added.

Tata Group Chairman Natarajan Chandrasekaran said the company will invest around Rs 25,000 crore in a large electronics and mobile manufacturing unit in Assam over the next few years.

He added that the company will collaborate with the state government in the green energy sector, focusing on solar rooftops and renewable energy generation.

Tata Power also inked an MoU worth Rs 30,000 crore in the energy sector, the Chief Minister's Office said in a post on X.

"Assam emerges as a top investment destination. On Day 1 of #AdvantageAssam2, the state signed 114 MoUs worth approximately Rs 1.89 lakh crore with leading companies, including Adani Total Gas, Tata Power, ONGC, Oil India, Essar Group, JSW Energy, AMUL, PNB, DP World, Welspun, Bill & Melinda Gates Foundation and NRL etc," it added.

The agreements signed include a Rs 7,000 crore one with JSW Group, Rs 5,850 crore with Greenko Energies Pvt Ltd, Rs 5,000 crore MoU with Adani Total Gas Ltd, Rs 3,000 crore with PNB Investment Services Ltd and Rs 2,100 crore pact with Essar Group, an official said.

Among the PSUs that signed major MoUs during the day are OIL, pledging investment of Rs 23,300 crore, and an investment proposal of Rs 10,711 crore by the Numaligarh Refinery, he added. PTI TR SSG DG NN

Source: PTI