Karnataka's Global Investors' Meet Secures Record Rs 10.27 Lakh Crore in Investments, Claims Government
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Synopsis
The Karnataka Global Investors’ Meet concluded with claims of generating Rs 10.27 lakh crore in investments and creating 6 lakh jobs. Key sectors include manufacturing and energy, with significant investments from major companies.
Key Takeaways
- Rs 10.27 lakh crore in investments secured
- 6 lakh jobs expected to be created
- 75% of investments outside Bengaluru
- Focus on manufacturing and energy sectors
- New industrial parks planned
Bengaluru, Feb 14 (NationPress) The four-day Karnataka's Global Investors’ Meet (GIM) wrapped up successfully in Bengaluru, with the Congress-led administration asserting it attracted a remarkable Rs 10.27 lakh crore in investments and confirmed the creation of 6 lakh jobs.
The announcement was made by the Minister for Large and Medium Industries, M B Patil, during a press conference at Palace Grounds, alongside Deputy Chief Minister D K Shivakumar.
Minister Patil noted, “Numerous esteemed companies have displayed strong interest in substantial investments. Should these discussions prove fruitful, the total investment figure could surpass expectations,” he stated.
He disclosed that 75 percent of these investments will be allocated to regions outside Bengaluru, with 45 percent designated for North Karnataka.
The fresh investments are chiefly directed towards the manufacturing and energy sectors. Notable contributors include the Jindal Group, investing Rs 1.2 lakh crore in energy, cement, iron, and steel, along with related industries. The Baldota Group plans to invest Rs 54,000 crore in Koppala for establishing an iron and steel manufacturing facility. Lam Research is investing Rs 10,000 crore for manufacturing and research initiatives, he mentioned.
Additional significant investments include Schneider Electric's Rs 2,247 crore in electrical equipment manufacturing and research, Volvo's Rs 1,400 crore for electric bus/truck production, Honda's Rs 600 crore for electric vehicle manufacturing, and Safran's Rs 225 crore in aerospace production, he reported.
Patil also highlighted that the state's industrial policy for 2025-30 aims to generate 20 lakh jobs across various sectors.
He outlined plans for new industrial parks in Tumakuru and Vijayapura, a startup park in Hubballi, as well as deep-tech parks and Swift Cities in other regions of the state. These projects are projected to attract investments of Rs 1 lakh crore each, creating 1 lakh jobs per project. The KWIN City development initiative has already witnessed 10 agreements signed with universities, as per the minister's remarks.
The ambitious KWIN City project has garnered considerable interest, having already secured 10 agreements. Among these is a notable deal with St. John’s University in New York and the University of Liverpool, confirmed Patil.
Vijayapura district has attracted Rs 42,000 crore in investments, with more agreements anticipated. Minister Patil mentioned that North Karnataka will continue to offer investment opportunities in the near future.
Bengaluru's infrastructure is under significant strain due to its population of 1.4 crore and over 1.1 lakh registered vehicles. To address this issue, industries are encouraged to set up outside Bengaluru, with special incentives available for such initiatives.
Deputy Chief Minister D K Shivakumar announced that the state has rolled out a new tourism policy, particularly aimed at enhancing tourism development in the 300 km coastal region.
“With escalating land prices statewide, we are contemplating alternative support mechanisms for entrepreneurs,” Shivakumar stated.
He emphasized that Karnataka is now competing on a global scale for investments, contributing to the uptick in land prices. "The cost of land in the state is high, which is why we are exploring various ways to support entrepreneurs," he added.
