Bhopal, Feb 25 (PTI) Union Home Minister Amit Shah on Tuesday said the Global Investors Summit (GIS) organised by the Madhya Pradesh government will play a crucial role in accomplishing the dream of making India the third largest economy by 2027, and a developed nation by 2047.

He emphasised that MoUs signed during the summit in Bhopal will help the state government establish not only large industries, but also ancillary units in Madhya Pradesh.

Shah was speaking at the concluding session of the two-day summit where Memorandums of Understanding (MoUs) pledging investment worth Rs 30.77 lakh crore across different sectors were signed.

"Prime Minister Narendra Modi has set the target before the youth and 130 crore people to make the country a developed nation by 2047 and make Bharat the third largest economy in the world by 2027. The two-day summit, I believe, will play a crucial role in accomplishing this mission," Shah said.

He noted more than 200 Indian companies, over 200 global CEOs, more than 20 unicorn founders, and representatives from more than 50 countries came with invest proposals and to see the business environment in Madhya Pradesh during the summit, which was inaugurated by PM on Monday.

This time, Madhya Pradesh has done a new experiment by organizing separate investment summits for each sector, aiming for overall development of the entire state, which will guide many states in the coming days, opined the Union home minister.

The first requisite for industrialists to invest and expand their business is a stable and powerful government, he said, adding the BJP-ruled Madhya Pradesh has such an administration in place.

"MP has a robust infrastructure, excellent eco-system, ample land, manpower, skilled workforce and other requisites," the Union minister added.

The summit achieved local and global investment dimensions, Shah further said, noting representatives of 50 countries participated in the high-profile event.

MP has become an attractive destination for industrialists, the Union minister further said, observing it has a road network of five lakh kilometres and six airports, among other things and emerged as the "cotton capital".

"MP is the first state in the country to pass an 'ease of doing business bill'," Shah pointed out.

Madhya Pradesh houses numerous cultural heritage sites and is making efforts to realize the mantra of 'Vikas Bhi Virasat Bhi' (heritage and development together) given by PM Modi, asserted the senior BJP leader.

In the last ten years, the Indian economy has jumped to the fifth rank in the world from the tenth in 2014, and forex reserves, GDP and per capita income have doubled, he said.

"With great confidence, I want to tell the people of MP and India that we have laid a powerful foundation. In the next ten years, many records will be created on this foundation," he said, assuring investors of all help from the Centre and the state government.

Shah emphasised that under the overall leadership of PM Modi, a stable and strong administration is working in Madhya Pradesh and creating new avenues of development.

He emphasized that, as the "heart of India", Madhya Pradesh enjoys a strategic location complemented with robust infrastructure.

Shah said the state boasts of a large pool of skilled workers and an efficient administrative ecosystem that fosters growth and highlighted that Madhya Pradesh has an unparalleled market access, with its rapidly increasing demand-driven economy.

The transparent governance of the state has significantly boosted investor confidence. With ample land resources, a dedicated workforce, rich mineral resources, and numerous industrial opportunities, Madhya Pradesh stands as a prime destination for investment, he noted.

Shah affirmed that the state is a major hub for investment in every aspect in India.

He highlighted that in the last 10 years, the Modi government has brought 54 crore people into the financial system, noting these people were without bank accounts after independence.

Shah underlined that PM Modi has ensured financial inclusion of citizens, marking a major transformation in the country's banking sector.

Once MP was called a 'Bimaru' (laggard) state which faced power shortages and poor road and irrigation infrastructure, but now it is buzzing with development activities, said Shah.

The Union minister said the investors summit in Madhya Pradesh was not just a catalyst for its growth, but also a significant boost for India's overall development and expressed confidence that in the coming years, the central state will emerge as a leading hub for major industries.

The BJP-ruled state will continue to uphold transparent governance, implement sustainable policies, and foster a proactive administration that works hand in hand with investors and different stakeholders, he averred.

In his speech, Chief Minister Mohan Yadav said investments worth Rs 30.77 lakh crore crore were secured through MoUs across various sectors during the GIS and in the run-up to the business event.

The state government has introduced a single-window system for granting fast approvals to proposals for setting up industries, and decided to observe 2025 as the year of "Industries and Employment," he said. PTI MAS LAL KRK RSY