Karnataka government’s initiative to woo investment through Invest Karnataka 2016 shored up Rs 1.33 lakh crore in the state. This may be supplemented with another Rs 1.70 lakh crore worth of MoUs that were signed at the event. Karnataka hopes that it will be able to get more than Rs 3 lakh crore in the next six months. This is a big achievement given the recessionary trends in the global economic scenario. “We have signed 121 agreements and expressions of interest to the tune of Rs 1.33 lakh crore at the Global Investor’s Meet (GIM). The total investments (Rs 3.08 lakh crore) will generate 6.7-lakh jobs,” state industries minister, R.V. Deshpande, said at the valedictory function of the three-day mega event.
The government successfully managed to woo investments and convinced the industry to invest across the state, including Bellari, Dakshina Kannada and Ramanagaram. Nitin Gadkari, Union Transport Minister, announced that the ministry would make an investment worth Rs 1 lakh crore in developing highways across the state. From the private sector, Gautam Adani, chairman, Adani Group, announced a Rs 11,500 crore investment in his company-owned Udupi Power Plant, a coal-based thermal power plant in Udupi district. Adani also announced a Rs 2,000 crore investment for the development of a port in north Karnataka. The interactions that the state government had with several business delegations gave it a clear sense that the investing community is looking forward to ending bureaucratic hurdles. Assuring the delegates, Chief Minister Siddaramaiah said: “There is complete support from the government to ensure that there is ease of doing business. The state has always believed in keeping an open policy for helping businesses flourish and develop”. K. J. George, Minister for Bangalore development told The Sunday Guardian: “We are working closely with the Centre to look at different solutions for the traffic congestion problem. The development of elevated corridors and the completion of the metro will make transportation easier.”