The next edition of Karnataka’s investment extravaganza, the Global Investors Meet (GIM), will now be held in the third week of January 2015 and not in October-November this year as planned earlier.
The reason being cited is the time lost in view of the parliamentary elections and the imposition of the model code of conduct. Officials connected with hosting the GIM apparently pleaded with the government that it would be impossible to do a good job of organising the event in just three months from August, after a scheduled legislature session. On Friday, the Chief Minister’s Office granted their request to postpone the meet by three months, The Hindu has learnt.
The Commerce and Industries Department, which hosts the event, is also readying a brand new, crisp proposal for the new date. The department is said to be raring to release the new industrial policy well ahead of the event, with industry-friendly packages spelt out in it. The policy release, which was due in early April, was put off in view of the model code of conduct. It is now slated to be taken up by the State Cabinet in mid-June. Also, the host department’s chief, Additional Chief Secretary K. Rathna Prabha, took over as recently as in mid-March.
An official told The Hindu that much inter-departmental spadework needs to be done to activate the industrial policy: the Finance and Revenue departments must approve the new fiscal incentives and land allotment. These could take a few weeks or a month.
“Because of all these reasons, deferring the GIM to January was imperative,” the official said.
In January this year, the apex industry body, Confederation of Indian Industry, chose Bangalore to host its Partnership Summit. At the event, which was co-sponsored by Karnataka and the Union Commerce Ministry, it was highlighted that the State receives the third highest number of foreign direct investments.
It is banking on the upcoming GIM — the fourth one since 2000 — to sustain or improve its performance as an industry favourite. The spotlight of the next GIM would be on aerospace and manufacturing, along with other shining sectors of the State, according to officials.
