To ensure that the Memoranda of Understandiang (MoUs) signed during the recently held Global Investors’ Meet do not remain only on paper, the State government has set a deadline of May 15 for such prospective investors to send their formal project proposals for clearance to the relevant authorities.
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Announcing this at a press conference here on Monday, Industries Minister R. V. Deshpande made it clear that the government would not consider the MoUs if their promoters fail to send formal proposals for clearance before the deadline.
The Minister maintained that this would eliminate non-serious players. As many as 122 MoUs worth Rs. 1.27 lakh crore with respect to investment in various sectors were signed during the Invest Karnataka event held from February 3 to 5.
Sources in the Industries Department said that it may take about a month for the authorities concerned to take a call on giving clearances after receiving the applications.
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Already, 1,080 projects with an investment of Rs. 1.77 lakh crore had already been approved by various authorities including the single-window agencies of different departments and State High-Level Committee on Clearances between April 1, 2015 and February 2, 2016 (the eve of commencement of the Invest Karnataka event), the Minister pointed out.
Answering queries, he refused to set a deadline for the execution of these approved projects as different projects needed different kinds of deadlines depending upon the nature of business and quantum of investments, he said.
Mr. Deshpande maintained that the State would have additional availability of about 2,500 MW from June/July this year for taking care of the electricity requirements of the proposed industrial establishments which would be set up in tune with the agreements made in the GIM.