Bengaluru, DHNS: Invest Karnataka-2016: Proposed projects can create 6.7 lakh jobs in Karnataka. The two-day Invest Karnataka -2016 Summit attracted investment proposals totalling Rs 3.08 lakh crore with a potential to create 6.7 lakh jobs.

Speaking at the valedictory of the summit attended by top industrial captains of the country and around 4,000 delegates, Industries Minister R V Deshpande said 56 per cent of the investment (Rs 1.75 lakh crore) has already been cleared by State high power clearance committee and single window agencies of various departments during the last one year. The summit served as a platform for investors to take their projects forward, he said.

At the same time, the meet witnessed the State government and entrepreneurs signing 121 new memoranda of understanding (MoU) and expressions of interest (EoI) entailing investment to the tune of Rs 1.33 lakh crore.

The top investor in this edition of the investment summit turned out to be Adani Green Energy Limited, which pledged to invest Rs 18,000 crore for expanding its power station and and set up a solar project for renewable energy. Second in the list is JSW Steel which has agreed to invest Rs 12,396 crore for expanding its steel plant in the State.

The Energy sector topped the list with an investment flow of Rs 26,456 crore followed by chemicals (Rs 23,961 crore) and iron and steel (Rs 20,459 crore). Interestingly, the information technology and biotechnology sector drew investment to the tune of only
Rs 3,166 crore.

Deshpande said the government would soon set up an agency comprising representatives from the industry and government officials to exclusively monitor and follow-up investments in the State. At the same time, a top-ranking official will be appointed to follow-up the new MoUs and EoIs and ensure that the projects are placed before various clearance committees by May 15 this year.

Spread across the State

Deshpande said the investments had come across all focus sectors including manufacturing, pharma, bio-technology, urban infrastructure, tourism among others. The investments have not been confined to Bengaluru but spread across tier-two and three cities including Ramanagaram, Ballari, Udupi, Dakshina Kannada among others.

In his address, Chief Minister Siddaramaiah said Invest Karnataka-2016 helped in establishing “new bridges, forge new partnerships” between the government and the industries. He ended his speech on a poetic note.

“Karnataka is open to anyone who says I have a dream and it is my responsibility to give you the wings to fly and to help you realise your dreams”, Siddaramaiah said.

Projects approved in 2015-16

Sector No of investment
projects (in Rs cr)
Aerospace 17 3,784
Automobile 9 195
Cement 12 2,156
Chemicals 39 23,961
Education 2 1,258
Electronics 23 2,046
Energy 8 26,669
Engineering 308 1,863
Food and Agri business 231 2,668
Infrastructure 31 11,626
Iron and Steel 4 20,459
IT and BT 13 3,166
Others 99 1,792
Pharma and Healthcare 17 1,820
Sugar 8 1,754
Textile and Garments 162 2,500
Tourism 7 287
(These projects were cleared by various clearance committees during the 2015-16 financial year.)

Photo credit: DHNS