"The Gujarat government pegs the conversion rate at almost 70 percent and some of India's biggest businesses including Reliance Industries Ltd. and the Adani Group said last month that they have fulfilled most of their commitments," reports Bloomberg, adding that the opposition Congress insists the conversion rate is below 10 percent.

Piruz Khambatta, chairman and managing director of Rasna Pvt Ltd, justified the stance of not speaking about investments. “Once investment commitments are announced, it actually becomes a tool in the hands of the opposition and the critics to say that only a fraction of the investments comes in. This is probably why (Mukesh) Ambani spoke about the actual investments he has made in the state. So, this is a strategic decision.”