Karnataka looking for over Rs2.5 lakh cr from global investors meet

The Karnataka government is looking to attract twice the Rs 1.30 lakh crore investment it has wooed in the last two years at the upcoming global investors meet which will begin on Febuary3, 2016. Chief Minister Siddaramaiah said that with a thriving eco-system for investment the state’s expectations were “realistic”. Several mega investment projects would be announced at the meet. The government hopes to mobilize investments in 116 investible projects identified already.

Finance Minister Arun Jaitley would inaugurate the event, which will also see the presence of several union ministers including Nirmala Sitharaman, Suresh Prabhu and Nitin Gadkari.

The CM further said that the government is expecting to attract double the investment received so far. Also the state would reach the targets set in the new 2014-19 industrial policy, one year ahead of the timeframe. The new policy envisages 12 percent industrial growth, Rs 5 lakh crore investment and generation of 15 lakh jobs.

On the common refrain by the corporate sector regarding non-availability of land, he said that the state cabinet had recently decided to hand over 13,000 acres to Karnataka Industrial Area Development Board.

Land is not a problem as Karnataka has already created a land bank of 26,268 acres, noted Rathna Prabha, Additional Chief Secretary (Industries and Commerce).

Over 100 top global and Indian leaders, including marquee investors, would take part in the meet, besides CEOs of domestic and global corporations, he pointed out. Among the attendees would be Ratan Tata, Kumar Mangalam Birla, Anil D Ambani, Gautam Adani, Uday Kotak, N R Narayana Murthy, Sajjan Jindal and Baba Kalyani, officials said.

Fourteen sectors, including textile and defence, have been identified for the meet, for which seven partner nations – France, Germany, UK, Italy, Sweden, Japan and South Korea – are arriving with huge delegations, Minister for Large and Medium Industries R V Deshpande said.

Both Siddaramaiah and Deshpande described as “tremendous” the response to the event, preceded by roadshows held within the country as well as overseas. They are confident that it will be hugely successful.

Incentives and concessions are not the only answers for investment, he said, emphasizing that Karnataka has historically been a progressive state with a vibrant and productive industrial ecosystem.

On infrastructure bottlenecks, particularly in Bengaluru, a main source of concern for the investors, the government is trying to overcome them.

Karnataka with its inherent strengths and advantages continues to draw investment despite states like Andhra Pradesh and Telangana vying with it.