Narendra Modi's mega investor show: Vibrant India Summit may happen around November

NEW DELHI: A Vibrant India global investors summit, modelled along the lines of Vibrant Gujarat summits that helped build Narendra Modi's reputation as Gujarat chief minister, may be held in early November in Delhi. The likely dates for a Vibrant India summit will be close to the November 4-6 period, when the World Economic Forum (WEF) is slated to hold its annual India show this year.

Key Modi government officials are working closely with Confederation of Indian Industry ( CII) and other business associations to work out the details of a Vibrant India summit. Speaking to ET, CII's Director-General Chandrajit Banerjee confirmed the idea of a Vibrant India summit is under discussion but it is yet to take a final and formal form.

"Some discussions have happened but nothing is formalised as yet," Banerjee said. Banerjee also said "there is a lot of international interest and positivity around India" and that countries such as Japan "has been making enquiries". "Expectation levels are going up. Investors think India is a good investment destination again," he said.

"Modiji is very keen on holding a Vibrant India Summit. The Vibrant Gujarat summit was his brainchild...it put Gujarat on the world map and drove investment to the state," a senior official who has worked on Vibrant Gujarat summits said on condition of anonymity. An official in the PMO said the November date is suitable since it coincides with WEF's India show and, given Modi's schedule, that's the appropriate time.

The PM's schedule between now and November includes important events like his government's first budget in July and key foreign visits such as that to the US in September.

This official said the presence of many global company heads and other stakeholders at the India event of WEF makes the success of a Vibrant India summit more likely.

Vibrant Gujarat summits had acquired the status of both being a platform for promises of fresh investment in Gujarat as well as a forum where India Inc and some foreign business leaders frequently expressed their admiration for what they described as Modi's business friendly approach.

Ratan Tata and the Ambani brothers have been among the most notable India Inc leaders to have praised Modi in Vibrant Gujarat summits. The change of government in Delhi has changed global investor perception about India and the Modi government, the PMO official quoted earlier said, will want to ensure that foreign direct investment in projects start flowing just as foreign portfolio investment has flooded India's equity markets.