Over 3 lakh crore investment attracted by Karnataka during investors meet

Invest Kar

As expected, the Invest Karnataka 2016 meet brought investment adding up to Rs 3.08 lakh crore, of which Rs 1.73 lakh crore worth of projects have already been approved by the Karnataka government. This is expected to create over 6 lakh jobs across the state.

This investment is in addition to the Rs 1.5 lakh crore announced by the Union ministers for the development of roads, ports and chemical fertilizer projects on the opening day of the mega event.

“I’m extremely happy to inform you that the total investments finalised during the meet is quite unprecedented and realistic,“ said industries minister RV Deshpande to cheers from participants on Day 2 of the event. The last day will be dedicated to site visits.

Deshpande said about 56% of the investments have been approved at various levels; the rest will be pursued rigorously . The Congress government has decided to appoint a special officer to follow up on MoUs signed with investors and ensure they are realized by May 15 and brought before the high-powered committee headed by the CM for clearance. We’ ll leave no stone un turned to make the MoUs a reality,“ he said.The state will also come up with a new entity where industry and government will partner and will involve officials and industry captains to work together like a company to promote the Invest Karnataka brand Rejecting reports that Karnataka Udyog Mithra would be shut down, he said the gover nment would strengthen and facilitate doing business easily. Deshpande said 1,201 projects were approved during the meet and the energy sector garnered the highest investment at over Rs 1 lakh crore. Most projects were in the renewable energy sector, particularly in waste energy, solar energy and wind projects, he added Other leading sectors that attracted high level of investor interest are steel (Rs 38,000 crore investment promising employment to about 6,000 people); chemicals (investments of about Rs 24,000 crore with employment potential for 5,000 people), the minister said.

Investments are to be dispersed across the state including districts of Ballari, Dakshina Kannada, Tumakuru, Shivamogga, Bengaluru Rural and Kolar.

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