Ratan Tata is never miserly when it comes to praising Gujarat Chief Minister Narendra Modi.

"Today when investors look for locations to make investments, they would be looking for locations which are investor-friendly. Gujarat stands out distinctly in the country and the credit for it goes to Modi," he said amidst a thunderous applaud from the jam-packed audience at the state government's showpiece Vibrant Gujarat summit here.

The Chairman Emeritus of Tata Sons Ltd, who has just stepped down as Chairman of the group, said that those who had not invested in Gujarat were stupid.

Recollecting what he had said on a similar occasion earlier, Tata said, "When I first came here I said those who are not investing in Gujarat are stupid. On my second visit, I am among those stupid. But then, at present, we have invested or in the process of investing Rs 34,000 crore in Gujarat."

Among the Tata Group firms, Tata Motors has set up a small-car plant in Sanand in Gujarat after failing to move forward in West Bengal's Singur.

Tata Power has also other investments in the state.