Northern region pitches for investments from Karnataka

Our Bureau Bengaluru | Updated on August 29, 2019

A clutch of northern States facilitated by the CII has made a pitch for investments from Karnataka.

Under ‘Invest North 2019’ platform, Punjab, Rajasthan, Uttarakhand, Himachal Pradesh, Haryana, Delhi, Uttar Pradesh and the Union Territories of Chandigarh, Jammu & Kashmir and Ladakh invited Bengaluru-based companies to invest there.

The northern region that represents seven States and 3 Union Territories, have natural resources, adequate skilled manpower, a strong consumer market backed by an ever-increasing per capita income, offers a huge and unparalleled investment and business opportunities across sectors of the economy.

Key sectors for investment

Some of the key sectors for investment include manufacturing — auto and auto components, defence manufacturing, aerospace, ESDM, railways, capital goods and engineering, pharmaceuticals, textiles, cement, agro-processing, consumer products, tourism, renewable energy, IT & ITeS, retail, real estate and construction, healthcare and education.

Chief Minister of Uttarakhand, Trivendra Singh Rawat and Finance Minister of Punjab, Manpreet Singh Badal led a high-level delegation from their respective States, while others were led by respective secretaries, engage with business and industry leaders in Karnataka.

MoUs signed

Rawat, said that the first Investors Summit for the State, “Destination Uttarakhand” saw over 600 investors and MoUs worth ₹1,24,000 crore signed. The State government has taken concrete initiatives for the implementation of these MoUs and in the last 10 months alone, more than ₹17,000 crore worth proposals for investment have been grounded. The Government of Uttarakhand is working towards developing the State into a unique economy of manufacturing and services sector.

He added that by amending the Zamindari Abolition and Land Reforms Act 2001, the District Magistrate has been delegated the right to grant land for the establishment of micro, small and medium enterprises in the identified areas under the MSME policy. For the establishment of agriculture & horticulture and food processing industries, a provision has been made to give agricultural land on 30-year lease.

Manpreet Singh Badal, Finance Minister of Punjab sought investments in sectors such as food and food processing, pharma, textile, agricultural machinery and IT & ITES. Citing the benefits, the State has to offer, Badal said that Punjab has the highest rail density in India at 45 km per 1,000 sq km. The State has two international airports and worldclass road connectivity. Industry will find Punjab a fertile ground for investment due to its urgency to catchup with the rest of India.

Published on August 29, 2019

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