Prime Minister Narendra Modi showcased India's economic potential at a major business summit in his home state of Gujarat. The Vibrant Gujarat Global Summit witnessed the unveiling of significant investment plans worth nearly $30 billion by companies such as Maruti Suzuki and Adani.

The tenth Vibrant Gujarat Global Summit is being held from 10 January to 12 January in Gandhinagar. 

Addressing the Vibrant Gujarat Global Summit, Modi emphasized India's strengths as a hub for talented youth, a technology-driven nation, and a thriving democracy. He expressed confidence in India's trajectory towards becoming the world's third-largest economy in the coming years.

Modi's efforts to attract investments come at a crucial time, with the upcoming national elections on the horizon and global businesses seeking alternatives to diversify their supply chains away from China.

The biennial summit, which focused on promoting investments in chip and electric vehicle manufacturing sectors, attracted a multitude of business leaders, investors, and diplomats over its three-day duration. Maruti Suzuki, the leading car manufacturer, announced a commitment of ₹350 billion ($4.2 billion) for establishing a second car plant in Gujarat and a new production line at an existing facility.

Billionaire Gautam Adani revealed plans for his conglomerate to invest $24 billion in renewable energy over the next five years in the state. Additionally, Tata Group is expected to announce the construction of a massive semiconductor fabrication plant in Gujarat, along with a 20-gigawatt battery storage factory.

Prior to the summit, Gujarat, a prominent industrial hub, signed initial investment agreements with 58 companies amounting to a combined value of $86 billion. Dutch and Singaporean firms are also set to commit over $7 billion in spending during the event.

Modi highlighted India's resilient economy amid global challenges and invited investors to be part of the nation's growth journey. As he seeks a third term in office, these investment plans and economic potential seem to bolster his chances in the upcoming elections.