Gujarat government embarked for 2 trillion investment for green hydrogen production

Gujarat government announced a budget corpus of Rs 2 trillion and a special land policy concerning achieving the goal of the state becoming a global green hydrogen production hub.

Gujarat government embarked for 2 trillion investment for green hydrogen production

The announcement was made on the concluding day of the three-day Vibrant Gujarat Summit in Gandhinagar, where a special target of achieving 50% of energy requirements through non-fossil fuel-based energy sources. Also, a target to develop a green hydrogen production capacity of 5 million tonne per annum by 2030, whereas, the Gujarat government is announcing a production capacity of 3 million tonne per annum by the same time.

The state government has allocated a land area of 200,000 hectare in Kutch and Banaskantha districts. The Indian Gas Exchange and Gujarat State Petroleum [GSPC] inked a memorandum of understanding with GIFT IFSC and announced global hydrogen trading at GIFT City and the subsequent launch of the Global Hydrogen Price Index.

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The concluding summit has witnessed MoUs for 41,299 projects with potential investment proposals worth Rs 26.33 lakh crore, being signed. Furthermore, the Gujarat-based Torrent Group announced investments of Rs 47,350 crore in various projects, including around 4500 MW renewable energy projects, the development of a solar park in North Gujarat, robusting power distribution network in Gujarat and setting up hydrogen manufacturing facilities in the state.

As per information registered in the official investor facilitation portal [IFP] , the total MoUs for a combined 98,540 projects with proposed investments of Rs 45.20 lakh crore were inked during the period between the culmination of the 9th and 10th editions of the summit.

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According to the information available on IFP, the sectors with the highest number of investment proposals are mainly urban development, mineral, chemicals, petrochemicals, animal husbandry, fishing, power, oil and gas, agro and food processing, textiles and apparel, and many more.

Meanwhile, Japanese automaker Suzuki Motors and UAE-based DP World also announced formal investments for setting up a new car factory and a mega port terminal and logistics facility.

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