Eyeing over Rs 2.5 lakh crore investment, 3-day ‘Invest Karnataka 2016’ kicks off

The mega investment event, Invest Karnataka 2016, was kicked off in Bengaluru on Wednesday. The three-day event aimed at attracting both domestic and foreign investment was kicked off by Union Finance minister Arun Jaitley.

Karnataka Chief Minister Siddaramaraiah, who is facing flak for not showing much interest in improving infrastructure of the state capital and rest of state, wants to change his own personal image and image of the state through this summit. He is hoping to attract an investment of Rs 2.5 lakh crore in the coming days.

Inaugurating Invest Karnataka 2016, Arun Jaitley praised India’s competitive federalism. Siddaramaiah said that he was rebooting Bengaluru to woo huge investment from across the globe.

Congress vice president Rahul Gandhi, who was also expected to attend the summit, will not attend the event.

According to top government sources, the State expects investment proposals worth Rs 2.3 lakh crore to be signed during the three-day event. The government has also said that it was looking at “realistic” investments, unlike the previous two global investors’ meets conducted in 2010, says a report in “The Hindu”.

The government is trying to promote small cities and towns as preferred investment destinations. It has formulated various schemes to pitch in large-scale investments in Hubballi-Dharwad and Yadgir districts, among others. To ensure a free and easy business environment, the government has introduced and amended various policies in the State. For example, it launched the Startup Policy, New Industrial Policy, amendments to the Textile Policy, amendments to the Land Reform Act and single window clearances, among others.

As per data available about the 275 projects proposed during the 2010 investors’ meet, only 58 were implemented, 116 under implementation, and 101 dropped. In the 2012 meet, 209 projects were proposed, 28 implemented, 104 under implementation, and 77 dropped.

The Industries Department has already identified key areas such as infrastructure, power, information technology, agriculture, and biotechnology as potential opportunities for investors to invest. The government has also created a land bank of 26,268 acres for industries to set shops say reports.

“Over the years Invest Karnataka has come to signify successful partnerships and comprehensive & sustained developments. In this edition too we call upon visionary leaders and global corporations to explore opportunities in Karnataka. The three day event will include focused sectoral, theme and partner country seminars and will attract domestic and global stakeholders” said Siddaramaiah.

Focus sectors being showcased, with very high growth potential include – Manufacturing including Automobiles, Aerospace, Machine Tools, Defence and Heavy Engineering, Information Technology, Bio-Technology and Electronics, Agro & Food processing, Textiles& Garments, Smart Cities and Urban Infrastructure, Infrastructure, Energy including Renewable Energy and Tourism.

The geographical diversity of Karnataka makes it a top destination for big investments. It is a state renowned as Knowledge, Innovation and Research & Development Capital of India. One of the largest global tech hubs, it’s a hub for Hi-Tech sector’s with a thriving economy.

According state Industries Minister R V Deshpande, the state GDP stands at US$ 120 billion and is growing at a healthy 7% per annum. It has an industrial output of US$ 61.5 billion and a cumulative FDI of US$18.30 billion since April 2000- September 2015. The value of total exports of the state is US$ 52 billion which contributes to 13% of India’s exports to the world. This position of strength is vastly driven by three strong growth factors. Firstly, the location advantage that easily connects Bangalore directly with the most of the world; Secondly, the solid foundations that aid knowledge capital here: the state has many building blocks to its credit – It is the largest bio technology hub In India, It has the largest number of R&D centers, The largest number of medical institutes, industrial training institutes; largest software technology parks and 3rd largest engineering colleges in India.

He says that brimming with knowledge workers and intellect capital, Bangalore has won distinction of ‘Best place to live and work by Expatriates’ by the Global HR Consultancy Mercer. World class healthcare amenities, Top of the class educational institutions, International standard recreation and a vibrant cosmopolitan culture with varied global cuisine and vivid cultural confluences of Art, Culture and Theatre is truly driving a global lifestyle. Karnataka has also been attracting a global audience with its integrated and strategic growth plans that offer immense investment potential across its varied sectors in Manufacturing, Agri business and food processing, technology, energy and Infrastructure along with tourism.

If this huge summit ensures big investments and the Siddaramaiah government keeps its words on improving infrastructure, Karnataka will benefit enormously.