Karnataka is all set to woo big industries with Invest Karnataka-2016 kicking off on Wednesday. While promises made in the previous editions of investors’ meets failed to materialise up to expectations, the government is keen on keeping it “realistic” this time.
Union Finance Minister Arun Jaitley will be the chief guest of the event, which will see participation of 100 top global and Indian leaders, including Union Ministers, Ambassadors, and leading industry tycoons Anil Ambani, Sajjan Jindal and Baba Kalyani, among others. The event will also see participation of a large delegation from Italy, Japan, France, Germany, Sweden, and U.K.
The government planned the event in November, but postponed it citing drought situation in the State. However, certain sections of the industry said the event was postponed owing to acute power shortage and issues related to ease of doing business.
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According to the government, the State expects investment proposals worth Rs. 2.3 lakh crore to be signed during the three-day event. However, the government has also said that it was looking at “realistic” investments, unlike the previous two global investors’ meets conducted in 2010.
In the current format of the event, the government is trying to promote small cities and towns as preferred investment destinations. It has formulated various schemes to pitch in large-scale investments in Hubballi-Dharwad and Yadgir districts, among others. To ensure a free and easy business environment, the government has introduced and amended various policies in the State. For example, it launched the Startup Policy, New Industrial Policy, amendments to the Textile Policy, amendments to the Land Reform Act and single window clearances, among others.
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As per data available about the 275 projects proposed during the 2010 investors’ meet, only 58 were implemented, 116 under implementation, and 101 dropped. In the 2012 meet, 209 projects were proposed, 28 implemented, 104 under implementation, and 77 dropped.
The Industries Department has already identified key areas such as infrastructure, power, information technology, agriculture, and biotechnology as potential opportunities for investors to invest. The government has also created a land bank of 26,268 acres for industries to set shops.