After GIM, Karnataka government starts process to realise investments

Unlike in the last edition of the GIM when the rate of conversion was very low, the State Government is keen on ensuring that most of the MoUs realise in investments this time.

Published: 05th December 2022 07:13 AM  |   Last Updated: 05th December 2022 07:13 AM   |  A+A-

Global Investors Meet

Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, Karnataka CM Basavaraj Bommaia, and other ministers at the Global Investors Meet. (Photo | PTI)

By Express News Service

BENGALURU: After the recent Global Investors Meet (GIM) that attracted nearly Rs 10 lakh crore in investments, the state Industries Department has started the process to realise investments. “We are working on a plan to realise the investments within 90 days,” Industries Minister Murugesh Nirani told The New Indian Express. The process of bifurcating the investment proposals has started.

The department will be working in close coordination with various other departments as Chief Minister Basavaraj Bommai had made it clear that the government is keen on deciding on all the proposals within 90 days and the government will not allow the MoUs to linger on for long. 

Unlike in the last edition of the GIM when the rate of conversion was very low, the State Government is keen on ensuring that most of the MoUs realise in investments this time. Nirani said coordinators from the Industries Department, other departments and the companies will work together to look into the investment proposals, and understand their requirements for land, water and power so that suitable decisions can be taken at the earliest. “We will take all measures to fast track the process and complete it within 90 days as directed by the CM,” the minister said.

Gunjan Krishna, Commissioner, Industrial Development, Department of Industries & Commerce, said this time the conversion will be very high and they are already working on it. The department is reviewing each of the projects and the process is being fast-tracked, she said. 

The officials at the Industries Department analysed the projects as some are in the nascent stage, some require land and some projects require a policy framework, and measures being initiated to take them forward. 

The State High-Level Clearance Committee (SHLCC) meeting chaired by Bommai is expected to be held soon to clear some investment proposals. Before the GIM, the government had cleared investment proposals for Rs 2.83 lakh crore. The state had received investment proposals to the tune of Rs 9.82 lakh crore during the GIM earlier this month.



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