BENGALURU: As Karnataka rolls out the red carpet for the Global Investors’ Meet to be held from November 2 to 4, a blitzkrieg of negative social media posts and advertisements has shaken the international investment world. An advertisement in foreign daily attempts to warn investors, claiming that the political and business climate in the country is not conducive.
“Modi government officials have decimated the rule of law by weaponizing the institutions of the state to settle scores with political and business rivals, making India unsafe for investors. If you are an investor in India you might be next.... Under Modi, a decline in the rule of law has made India a dangerous place to invest,’’ says a post.
It comes at a time when many industrialists and head honchos are firming up travel plans to Bengaluru. As experts deliberate on the fallout, Major Industries Minister N Murugesh Nirani claimed it will not impact investor sentiment.
Nirani told TNIE, “We have done our homework. If investors are not interested, why would they have met us in the first place? We’ve got good feedback from our potential investors. I’m confident that this will not hit investments in Karnataka.’’
JDS leader and former chief minister HD Kumaraswamy said, “Things are worse here than what social media posts claim. The recent floods in Mahadevapura and Peenya Industrial Area, where many lost fortunes, are only an indicator of how bad things are. Corporates have little respect for the present government.”
‘Land costs a bomb in state’
HD Kumaraswamy added, “I have also heard that some dubious characters have informed interested businessmen about the ‘good prospects’ of investing in Gujarat, Madhya Pradesh and Uttar Pradesh. Does it not work against the interests of our state?’’
Tamil Nadu is aggressively pushing for industries in Dharmapuri-Krishnagiri area, where land is available for Rs 25 lakh per acre, while it costs a bomb here though the Karnataka Industrial Areas Development Board (KIADB), Kumaraswamy added.