Chief Minister inaugurates Bangalore International Automotive Expo
BANGALORE: Automobile manufacturing companies should invest in Karnataka as it offers a good industrial climate comparable to the best in the world, Chief Minister B.S. Yeddyurappa said here on Thursday.
Inaugurating the Bangalore International Automotive Expo 2010, the Chief Minister said that there are about 400 automobile components manufactures and 10,000 entrepreneurs in the automobile sector, and added that investors could make use of the opportunity.
Mr. Yeddyurappa said that the sector was already strong and the Government was ready to support the growth of the industry, which is recording an annual growth of 10.3 per cent in India.
Speaking on the occasion, Karnataka Pradesh Congress Committee president and former Industries Minister R.V. Deshpande urged the State Government to review the decision to increase the life time tax (LTT) on motor vehicles, which had been announced in the recent budget. Though State is required to raise funds to take up development works, the increase in LTT will affect both consumers and business, he said.
TVS Motors to invest?
“TVS Motors has come forward to establish a two-wheeler engine manufacturing unit in Karnataka,” Medium and Large Industries Minister Murugesh R. Nirani told presspersons. He said that the quantum of investment or the place where the unit would come up had not been decided, and a delegation from TVS Motors would meet the government officials on March 13 to finalise the investment. Besides, he said that Mahindra and Mahindra would be investing for its tractor unit in Belgaum.
The five-day expo at the Palace Grounds, billed to be the largest in South India, is showcasing two-wheelers and four-wheelers from established brands in India and abroad, and all terrain vehicles besides the modified ones.
“Some of the brands that would be launched in the near future have been exhibited,” a spokesperson said. Apart from the automobile manufacturers, vehicle dealers, accessories and spare parts manufactures are taking part in the event that will witness stunt shows and competition, and auto cross event.