New Delhi, Oct 6 (IANS): Gujarat Chief Minister Bhupendra Patel on Friday said that the state has been a preferred destination for investment in the country for the past two decades due to the success of Vibrant Gujarat summit, which is being held for the past 20 years under the visionary approach of Prime Minister Narendra Modi.

Addressing a roadshow here for the 2024 Vibrant Gujarat summit, which is to be held in January next year, Patel said that the state has been established as a development role model by the prime minister, when he was the chief minister of Gujarat.

The chief minister said that Gujarat has been a growth engine for the past 20 years and various initiatives undertaken by the prime minister like GatiShakti, ease of doing business and productivity linked incentive (PLI) scheme, have helped the state further.

PM Modi will inaugurate the Vibrant Gujarat summit in January 2024.

Earlier secretary in the department for promotion of industry and internal trade (DPIIT) Rajesh Kumar Singh, while addressing the roadshow, said that owing to the Indian economy's resilience despite global headwinds, the country is among the bright spots across the globe, economically.

He said that India is on the road to become the third largest economy in the next two years and a developed nation by 2047.

"India is getting formalised as an economy and foreign direct investment has been liberalised in almost all sectors," the secretary said.

Singh added that Gujarat is among the top three states in terms of attracting investments and expressed hope that the Vibrant Gujarat summit 2024 would further strengthen its position as an investment destination.