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Ahead of the Global Investors Meet (GIM) in Bengaluru on Wednesday, Murugesh Nirani, Karnataka Industries Minister said that the State could get investments up to ₹7-lakh crore, well over the expected ₹5-lakh crore.
He said 75-80 per cent of the expected investments will be in cities other than Bengaluru.
Approximately around ₹3.4-lakh crore investment across different sectors is assured, said the minister. The investments are expected to create 5 lakh jobs. He also mentioned that the realisation of investment proposals will be high this time. Nirani said all the investments announced at the GIM will materialise in one to four years as the clearance processes have been made simpler.
“We are expecting the conversion rate to be over 70 per cent. This time, all the investment proposals are being cleared by the single window (up to ₹500 crore) or high level (above ₹500 crore) committee, this will ensure a better conversion ratio,” Nirani told businessline.
Broad based investments
The minister said that the government is seeing increased interest by companies to invest in cities beyond the state’s capital, Bengaluru. Nirani said, “Approximately about 75-80 per cent of the expected investments will be done in cities beyond Bengaluru. We are providing extra incentives like 20 per cent capital incentives, 3 per cent GST return, and labour incentive to companies investing elsewhere in the State.”
Infrastructure push
He said that the one district one product approach that defined the Hubbali-Dharwad region as the Fast Moving Consumer Goods (FMCG) cluster, Kalaburgi as the textile park and so on has helped gain the interest of investors. Additionally, the governments effort to build airports in Shivamogga, Hasan, Vijayapura, which start operations within three months has helped woo investors.
GIM, Nirani said is focussed to get investments across the sectors of Information Technology (IT), semiconductors, renewable energy, aerospace and defence, manufacturing, and service sectors.
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