‘GIM has laid the foundation for future growth with an overwhelming response from all the stakeholders’.

Bengaluru: The three-day Global Investors Meet has delivered beyond our expectations with total investments worth Rs 9.82 lakh crore, announced Karnataka Large and Medium Industries Minister Dr. Murugesh R. Nirani.
Nirani said that the GIM has laid the foundation for future growth and the conversion ratio will be much better this time. “We are glad that the GIM ended successfully with an overwhelming response from all the stakeholders. We have received investments to the tune of Rs 9.82 lakh crore out of which Rs 2.83 lakh crore investments were approved by the Single Window/State High-Level Clearance Committee (SWCC/SHLCC) and Rs 1.57 lakh crore investments were announced during the GIM. We are expecting a better conversion ratio this time than the previous GIMs. There are other big investment proposals that will be cleared in the State High-Level Clearance Committee headed by the Chief Minister in the next three months,” said Nirani.
 Expressing happiness over businesses going beyond Bengaluru, Minister Nirani said over 90% of the total investments are outside Bengaluru. “Our aim is the overall development of the state and I am glad that more than 90% of these investments are going beyond Bengaluru. We are also promoting the ‘One District One Product’ initiative to promote industries across the State. We will improve waterway, airway, railway, and roadway connectivity in a big way. There are eight airports that are operational in the State and three more will come up soon,” added Nirani.
 The Minister said the energy sector received a major chunk of investments indicating the government’s thrust on the production of alternative energy sources such as green hydrogen, green ammonia, wind, and solar that are crucial for future development. The minister promised to extend all the cooperation and necessary help to investors to implement their projects. He said government agencies with nodal officers will help the investors and address their grievances. He also promised to provide necessary infrastructure facilities, water, power supply, and highly skilled manpower to the investors.

Emphasis on Ethanol production
 Nirani added that we have to reduce the import burden on petrol and diesel and give more emphasis on the use of ethanol to save the environment, and civil society will be reduced.
The import of diesel engine vehicles has already been banned. Emphasis is to be given to run vehicles on bio-fuel, i.e.. locally available ethanol, he added.
 Sounding optimism over the implementation of projects, the Minister said the total investment proposals are expected to create over 6 lakh jobs across the state. “These investments will create job opportunities for over 6 lakh people. We have a highly skilled workforce that can be tapped by the industries. Karnataka is now the most suitable destination for new investments,” Nirani maintained.

Clarifying the government’s position on land allotment to industries, the Minister reiterated that land will not be sold to industries. “We will not sell the land to investors to set up industries but will allot land on lease deed. If the investors fail to utilize the allotted land for the said purpose then the government will take it back,” clarified Nirani. The Minister also added that some big-time investments may take up to five years to implement the projects.
Nodal officers will be appointed to implement/approve the MoUs made in the GIM within 90 days. District-wise Coordination Committee and nodal officers will be appointed for the implementation of the MoUs. Around 70% of the projects will see conversion,” he explained.