Karnataka mops up Rs.1.33 lakh crore at global investors meet - Firstpost

Karnataka mops up Rs.1.33 lakh crore at global investors meet

Updated: Feb 4, 2016 23:48 IST

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Bengaluru: In contrast to its high expectations, Karnataka has managed to get only Rs.1.33 lakh crore of investments at the fourth edition of its global investors meet (GIM), a state minister said on Thursday.

Siddaramaiah. PTI

Siddaramaiah. PTI

"We have signed 121 agreements and expression of interest to the tune of Rs.1.33 lakh crore at the GIM," Industries Minister R.V. Deshpande said at the valedictory function on the second day of the three-day mega event here.

The state government, however, secured 56 percent (Rs.1.75 lakh crore) of the total investment (Rs.3.08 lakh crore) received during 10 months of 2015-16 since April and approved by its high power committee and single window agencies.

"The total investments (Rs.3.08 lakh crore) we garnered will generate 6.7 lakh jobs across the state," Deshpande said.

Admitting that mobilising investments was a continuous process, he told the delegates that the state's focus was on implementing projects since the previous Congress government had launched the GIM in 2000.

"Of the Rs.27,000 crore investments received then (2000), proposals worth Rs.18,000 crore were executed with 66 percent implementation rate," said Deshpande, who held the same portfolio in the then Congress government (1999-2004).

The investments are in the state's focus sectors - manufacturing, pharma, bio-technology, IT, agri-business, urban infrastructure, infrastructure and tourism.

"Investments will be made across the state, including Bellari, Bengaluru Rural, Dakshina Kannada, Kolar, Ramanagaram Shivamogga and Tumakuru," Deshpande told the delegates, including central and state ministers.

"We have appointed an official to follow up all projects above Rs.200 crore. We also commit to have all projects approved by the high power committee and single window committee before May 15," he added.

Giving break-up, the state industries department said of the 121 agreements entered into with investors and valued at Rs.133,177 crore would generate 193,905 jobs.

"Of the total (6.7 lakh) jobs, 1,080 projects approved since April 1, 2015, with a combined investments of Rs.175,633 crore will create 477,026 jobs," the department said in a statement.

Of the 121 projects received at the GIM, 25 are in food and agri-business sector, followed by 16 in energy, 12 in IT, seven in real estate, five each in oil & gas, and urban infrastructure, three each in cement, industrial infrastructure, manufacturing, pharma, steel, telecom, textiles & garments and tourism, two each in aerospace, biotech, electronics, healthcare and machinery and one each in chemicals, education, engineering, infrastructure, retail, and warehousing and logistics.

Sectors like automobile, services, sports, sugar and waste management drew blank.

Of the big ticket investments, Adani Green Energy Ltd has committed to invest Rs.18,500 crore, followed by JSW Steel Ltd Rs.12,396 crore, Geitso Green Energy Ltd Rs.10,000 crore, Essel Infra Projects Ltd Rs.7,200 crore and Shriram Properties Ltd Rs.5,920 crore.

"The energy sector got the highest investment of Rs.1 lakh crore, followed by steel sector with Rs.38,000 crore and chemicals Rs.24,000 crore," the statement added.


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