Modi's 'Vibrant India' Pitch to Global Investors at Gujarat Summit

PM Modi will speak later today at the three-day biennial event that he founded as Gujarat's chief minister in 2003, ramping it up into a pitch to put the country on the investment map. (Track LIVE updates)

US Secretary of State John Kerry leads the roll call of politicians and business bosses who will be present at the Gandhinagar bash, counting on Mr Modi to unleash big-bang reforms and create one of the few bright spots in a troubled world economy.

UN chief Ban Ki-moon and World Bank supremo Jim Yong Kim will also join about 50 top CEOs from India and abroad at the summit.

Under the previous Congress government, investors frequently complained about a hostile business climate in India, frustrated by bureaucracy and corruption. In contrast, Gujarat won a reputation as India's most investor-friendly state during the era of 'Modi-nomics', even if critics say he tilted the playing field in favour of big business through tax breaks and subsidies.

In its latest edition, The Economist said Gujarat "punches above its weight" and that the state's annual GDP growth rate under Mr Modi was almost 10 percent on average, faster than the country as a whole.

"Gujarat is richer, enjoys faster GDP growth and a greater intensity of jobs and industry than India as a whole. Mr Modi's reputation for clean government and economic competence rests on his record here," it said.

One of the big draws has been the relative ease of land acquisition while infrastructure is impressive.

The commercial hub Ahmedabad and capital Gandhinagar are devoid of the transport gridlock that blights most cities. Power cuts are rare.

PM Modi has unleashed a slew of reforms after growth slowed to its lowest rate for a decade under the dying days of the Congress. As well as simplifying labour rules, he has made manufacturing a priority in an echo of his time in Gujarat.

In his address today, the PM is expected to promote his 'Make in India' campaign launched in September to fire up a manufacturing sector which lags behind China.

The US and seven other countries including Canada and Japan are for the first time official partner countries at the summit.

The meeting will give Mr Kerry the chance to showcase "the vast opportunity for the American private sector" as PM Modi seeks to transform India's economy, a senior US State Department official said.

"The United States is going to be a key player and a key partner in that transformation and rejuvenation of the Indian economy, and that this is a win-win for both countries and for both peoples," the official added.

Mr Kerry's visit to India, his second in six months, comes a fortnight before US President Barack Obama is due in New Delhi as Washington seeks to warm up sometimes frosty ties.

Others slated to attend the summit include Vodafone CEO Vittorio Colao and SAAB boss Lars Olof Lindgren who will rub shoulders with Indian executives such as Tata chairman Cyrus Mistry and Reliance Industries boss Mukesh Ambani.

Agencies