Gujarat holds many records in India for economic development:
20% of India 's Industrial Output
80% of India 's Diamond Production
9% of India 's Mineral Production
50% of India 's Natural Gas Production
54% of India 's Crude Oil Production
22% of India 's exports
24% of India 's textile production
45% of India 's pharmaceutical products
35% of India 's Sponge Iron Production
47% of India 's petrochemical Production
Reliance Petroleum Limited, one of the group companies of Reliance Industries Limited founded by Dhirubhai Ambani operates the oil refinery at Jamnagar which is the world's largest grass roots refineries.
According to a recent study by the RBI, Gujarat stood first in the country with investments of US$17.8 billion in 2006-07 or 25.8% of India 's total investment of $69 billion during the year.The southern state of Andhra Pradesh stood a distant second having attracted $6.1 billion in 2006-07.
A report in Times of India describes the Gulf of Kutch as India 's ' Gulf of Riches '. Four top business houses - Reliance Industries, Essar Group, Adani Group and Tata Group, have invested about $34 billion along the Gulf of Kutch's 700-kilometer long coastline. Other corporate, which had invested over $3.26 billion since the 2001 earthquake have investments worth another $19.5 billion in the pipeline.
Not only has Gujarat unseated Maharashtra as India 's number one investment destination but also, it is threatening to dislodge Mumbai, Maharashtra 's capital and the financial and business capital of India , as the trade gateway to the country.
And now Gujarat is nursing ambitions of dislodging Mumbai as India 's financial hub. Its government recently announced the setting up of an international financial services center, the Gujarat International Finance Tech-City with an investment outlay of $6 billion in Ahmedabad.--
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