‘Small proposals can be implemented in two years, large projects in five'
The proposals for investments signed at the Global Investors Meet (GIM) are expected to be implemented over the next two to five years, Minister for Large and Medium-Scale Industries Murugesh R. Nirani said, and added that the response had exceeded the expectations of the State government.
Speaking to media persons on Thursday, the Minister said the government expected about 60 per cent of the memorandums of understanding (MoUs) signed for various proposals across 14 sectors, to be implemented. “Small and medium-budget proposals could be implemented in two years while large projects may take about five years,” he said.
Providing details about the proposals that were announced on the first day of the meet, he said: “We have received proposals for investments exceeding Rs. 5 lakh crore with more than 400 MoUs being signed.” Many proposals for investments were in the industrially backward north Karnataka region that would benefit Tier II and Tier III cities.
According to Mr. Nirani, the first day's investment proposals were more in the Information Technology and Bio-Technology sector, infrastructure and power. “While nearly 60 to 65 per cent of total investment proposals (Rs. 3.89 lakh crore) in 2010 GIM were for the mining sector, it could be about 10 to 12 per cent in 2012 GIM,” he said, adding that mining proposals that have come this year, include gold and limestone mining. State-owned KIOCL has also entered into an agreement with a Russian company to set up a 6-million tonne capacity plant, he said.
He also announced that the government would enter into an expression of interest with the Japanese government-backed Japan External Trade Organisation (JETRO) for undertaking the detailed project report for the first phase of the high-speed rail project linking Bangalore with Mysore, and Hubli with Belgaum.
The second phase, connecting Bangalore with Gulbarga and Hubli, will also be taken up, he said.
Keywords: Global Investors Meet