Financial Daily from THE HINDU group of publications
Saturday, Aug 28, 2004
Financial Daily from THE HINDU group of publications Saturday, Aug 28, 2004 |
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Industry & Economy
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Investments 3-fold increase in investment sanctions in Karnataka Abhrajit Gangopadhyay
Bangalore , Aug. 27 INVESTMENTS cleared by the State-level single-window agency Karnataka Udyog Mitra in the first six months of 2004 have almost trebled from the amount cleared in the same period a year ago. While the January-June period of 2004 recorded investment sanctions to the tune of Rs 2,666.45 crore, only Rs 714.89 crore were cleared in the January-June period of 2003. The growth according to data available from Government departments is close to 272.98 per cent. There were 110 investment proposals cleared in the first half of the current year as against only 49 in the same period in 2003. "The jump in investments was perhaps in line with a growing economy and a feel-good factor that had set in early this year," top Government officials said. A bounce-back of the global technology market has also prompted several new software units being set up in Bangalore, officials said. "We have received and cleared several proposals for software technology parks in the last few months... this trend is getting stronger by the day," they said. "Another positive trend is most of the approved investments are actually taking off... if you notice, most of the investments cleared in June are under implementation," officials said. Employment opportunities are also "immensely more" in the current projects cleared in 2004, officials said. However, investments in infrastructure projects and biotechnology and apparels are also rising, officials noted. Last year, the Coastal Investor's Meet at Karwar saw the State clearing investment proposals of Rs 5,690.93 crore. "Many of them are taking shape," officials said. This was in contrast to only close to a fourth of projects sanctioned in the Global Investors Meet taking shape. The Global Investors Meet in 2000 saw investments totalling Rs 27,050.76 crore sanctioned.
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