Karnataka eyes Rs 5 lakh crore investment at Global Investor Meet next month

PTI, Oct 12, 2022, 9:10 AM IST

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The Karnataka government expects over Rs 5 lakh crore investment during the Global Investors Meet 2022 to be held next month in Bengaluru, state’s large and medium industries minister Murugesh R Nirani said on Tuesday.

The global investors meet is scheduled on November 2-4 after a hiatus of six years.

“The state is expecting over Rs 5 lakh crore in investments in the Global Investors Meet 2022,” Nirani said at the launch of a roadshow in the national capital to promote Karnataka as an investment destination.

The minister said the state government has already earmarked a total of 50,000 acres of land for investors keen to invest in the state, of which, 20,000 acres are in Bengaluru and 30,000 acres in other parts of Karnataka.

Karnataka has emerged as a top investment destination in the country for the last two years in a row as the state offers an excellent industrial ecosystem, world-class infrastructure, and industry-friendly policies, he said.

The state attracted Rs 62,085 crore investments last fiscal and became the recipient of 38 per cent of the country’s total FDIs (Foreign Direct Investments), he added.

Speaking at the event, Union Minister of State for Chemicals, Fertilizers and Renewable Energy Bhagwanth Khuba, who hails from Karnataka, said: “A strong fiscal and stable policy is key for investment and it is clearly there in the state.”

E V Ramana Reddy, Additional Chief Secretary (Commerce and Industries) in the Karnataka government, said several meetings were held with representatives of top companies in the national capital looking for collaboration opportunities.

During the one-day roadshow at New Delhi, the delegation met the representatives of ITC, Scape India, Renew Power, Sembcorp Energy, Lithion Power, Dalmia Cement, Sterling Tools, Nestle, Jubliant Food Works, Garuda Aerospace, Ocean Pearl Hotels, V- Guard Industries and Nithin Sai Renewable.

Commissioner for Industrial Development in Karnataka Gunjan Krishna, ITC Vice President Corporate Affairs Anil Rajput, Jubliant Food Works Vice President Amardeep Ahuwalia and Shahi Exports Vice President J D Giri were present during the roadshow.