Most of the investments captured by Karnataka during the Global Investors’ Meet (GIM) held in November would go toward various business projects located outside of Bengaluru while only a small portion would be invested in the city, Minister of Large and Medium Industries Murugesh Nirani said on Tuesday.
“About 90% of the total investments we received will be for projects outside Bengaluru city,’‘ he said. “This is part of our ‘Beyond Bengaluru’ strategy, to decongest Bengaluru while expanding growth of other locations in Karnataka,’‘ he said at a ‘Meet the Press’ event organised by Press Club of Bangalore.
He said the State attracted total investments of ₹9.82 lakh crore at the recently concluded GIM. Some 42 companies will invest outside the State capital and 15 companies will set up their industry units in Bengaluru district. A major share of these investments are from the manufacturing/renewable energy sector that accounts for 38% of the investments, green hydrogen and derivatives (33%), sunrise sectors such as infrastructure and industrial/logistics parks (95) ,while the remaining investments came from other miscellaneous sectors.
Mr. Nirani said: “We have given four to five years for companies to set up their ventures. If they fail to utilise the land allotted within that time, we will take back the land and give it to other investors.’‘ The Minister added that he was hopeful that 75% of companies would honour their investments to start ventures in Karnataka this time, against 27% in the previous edition of GIM.
He said the State’s Level Single Window Clearance Committee (SLSWCC) cleared 59 investment proposals worth ₹2,627.88 crore that promises around 10,000 new jobs, on Monday. These included seven large and medium size industrial projects with investments of ₹50 crore and above. These projects cumulatively worth ₹852 crore are expected to create employment opportunities for 3,860 persons in the State.
At SLSWCC, another 48 projects with investment outlay of ₹15 crore and up to ₹50 crore were also cleared. These projects worth around ₹1,000 crore would create arouind 5,000 new jobs, he said. Four other projects that involve an investment of ₹852.73 crore were also cleared and they are expected to generate 1,460 jobs.
