Karnataka has laid red carpet for global investors instead of trapping them in red tapism, says Prime Minister Narendra Modi

Prime Minister Narendra Modi said his government has encouraged investments in various sectors that were earlier closed to private investments, such as defence, drones, space and geospatial mapping

Prime Minister Narendra Modi inaugurated the Global Investors’ Meet 2022, at Palace ground in Bengaluru, on November 2, 2022. | Photo Credit: K. Murali Kumar

Karnataka Government has laid a red carpet for global investors instead of trapping them in the mesh of red tapism, Prime Minister Narendra Modi told delegates at the Global Investors’ Meet on November 2 through video-conferencing while inaugurating the three-day investment exposition hosted in Bengaluru.

Mr. Modi said his government has encouraged investments in various sectors that were earlier closed to private investments, such as defence, drones, space and geospatial mapping.

“We’ve freed our investors from red-tapism and given them a red carpet of opportunities. Instead of making new complicated laws, we rationalised them,” the Prime Minister said while addressing a large gathering of lawmakers, industry leaders, technocrats and entrepreneurs.

Watch video shown to global investors by Karnataka

Prime Minister Narendra Modi inaugurated the Global Investors’ Meet in Bengaluru through video-conferencing on November 2, 2022. | Video Credit: K Murali Kumar

“Global economy observers were seeing India as a bright spot, especially when the rest of the world is talking about global crisis. We are continuously working on the fundamentals so that the Indian economy gets stronger with every passing day,“ he added.

Over 5,000 delegates are attending the event. Country-specific sessions are hosted by the partner countries — France, Germany, Netherlands, South Korea, Japan, and Australia.

What delegates at GIM 2022 said about investment environment in Karnataka

Addressing the delegates, Sajjan Jindal, Managing Director of JSW Steel, and chairman and managing director of JSW Group of companies, said that he and his family had an excellent experience in Karnataka with the State being one of the most investment-friendly State in India.

He said JSW Group has already invested ₹1 lakh crore in Karnataka so far while a similar amount would be invested in the next five years.

Karan Adani, Chief Executive Officer of Adani Ports & Special Economic Zone Ltd., said, “Adani Group companies would invest ₹1 lakh crore in Karnataka in the next 7 years.”

Rishad Premji, Chairman of Wipro, said, “Karnataka has been extremely successful in developing the IT Industry for the country, and the country’s IT exports have exceeded the value of its oil imports.”