The Hindu Business Line : Karnataka targets Rs 3 lakh cr investments at global investors’ meet

Mr Murugesh Nirani, Karnataka Industries Minister, interacting with Government officials at the Mysore division industrial adalat in Mangalore on Wednesday.

Our Bureau

Mangalore, June 10

The Karnataka Government is expecting an investment of over Rs 3 lakh crore in the proposed global investors’ meet by the end of 2009. In this regard, the Government is taking steps to create a land bank of 1.5 lakh acres for industrial purpose in various districts of the State.

Addressing presspersons on the sidelines of an industrial adalat of Mysore division in Mangalore on Wednesday, Mr Murugesh Nirani, Karnataka Minister for Medium and Major Industries, said Karnataka expects recovery in the economy by the year-end to host the global investors’ meet.

“We expect around Rs 3 lakh crore of investment in several sectors in the State in the proposed meet,” he said. The Government will make all efforts to attract investments from NRIs and multinationals during the meet.

Identifies land

The global investors’ meet will be held in November or December. To attract more investments to the State during the meet, the Government plans to create a land bank of 1.50 lakh acres in the State along the Suvarna Karnataka infrastructure corridor.

Land has been identified in 18 districts for the creation of land bank. The land identification and acquisition process in the remaining districts will be initiated in the next three months.

Stating that the Government plans to acquire 500 to 5,000 acres of land in every district for the creation of land bank, he clarified the single crop land that are suitable for industrial purpose will be acquired for this purpose.

Sectors targeted

The Government expects investments in areas such as steel, cement, food processing, automobile, information technology and biotechnology in the proposed meet.

In this regard, the establishment of Suvarna Karnataka infrastructure corridor will help to attractinvestments in the State. The Government has received 19 EOIs (expressions of interest) for the construction of infrastructure corridor under the PPP (public private partnership) model.

INDUSTRIAL POLICY

Earlier speaking at the industrial adalat, he said the new industrial policy for 2009-14 will be formally launched by the Karnataka Chief Minister soon. The new policy is effective from April 2009.

The Government is taking steps to re-acquire those lands which were allotted to various industries and were not in use for the past 10 years. Nearly 40 such cases have been identified near Bangalore, he said.

When participants pointed out the high tax structure in the State, he said this issue will be discussed with the Finance Department. The tax structure will be on par with other States in the years to come, Mr Nirani said.

ADALATS

The industrial adalat in Mangalore received 250 applications. Of them, the adalat gave solutions to around 170 applications. The Minister said solutions for the remaining applications will be found in the next 30 days. Industry representatives and officials from eight districts under the Mysore division participated in the industrial adalat in Mangalore.

The first industrial adalat was conducted in Hubli a few days ago, where problems related to the industries from Belgaum division were discussed. Solutions for more than 90 per cent of the applications have been found.

The third industrial adalat would be held in Hospet on June 17, where the industrial problems related to the Gulbarga division will be discussed.

The Chief Minister will attend the fourth industrial adalat to be held in Bangalore soon, he added.

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