Even as Karnataka has emerged as the number one destination for investments in the country, the state government is planning to raise Rs 5 lakh crore during the Global Investors Meet (GIM), which will be held in Bengaluru from November 2 to 4. Industries Minister Murugesh Nirani told The New Sunday Express that only investment proposals finalised after scrutiny will be accepted. “Even if certain enquiries do not finally translate into investments, it does not matter.
We are confident we will do well,” he said. Though GIM is still months away, investments have already started pouring in. Industries department authorities are proactively following up on expressions of interest and ensuring that they translate into investments. Some of the cumbersome processes have been simplified and done away with, he explained.
Can you realistically achieve the target of Rs 5 lakh crore during GIM?
For the past four quarters, Karnataka has done better than every other state and has received 42 per cent of all foreign direct investment in the country.
The atmosphere here is extremely investment friendly. What do you mean by investment - friendly atmosphere?
On the parameter of ease of doing business, Karnataka is ranked 17th in the country, which means 16 other states are ahead of us. We need to be the best and towards that end, we have made many big and small changes in the system to make the investment atmosphere more professional and to improve the ease of doing business.
We are among the best states in the country. I would say we are at the very top and these changes have helped. We have brought in many policy changes, right at the tax structure level. Many cumbersome processes have been simplified. Earlier, for example, there was a mandatory requirement of an occupancy certificate, which is not necessary now. We received feedback that it was too cumbersome. Under the new policy, a sale deed can be done for a 99- year lease. Many other smaller changes too have been brought in at the practical level. Whenever there is an expression of interest to invest, we proactively follow up and sort out any procedural issues case by case. We have a single-window system and if anyone gets a clearance, they can start the business immediately.
Industrialists say the ease of doing business is the best in Vietnam and some companies from Bengaluru have invested in the Southeast Asian country... I have not matched the ‘ease of doing business’ parameters between Karnataka and Vietnam. I may not be in a position to answer that question.
What kind of investments has Karnataka received in the past weeks?
Remember the semiconductor project coming to Mysuru at an investment of Rs 23,000 crore and Renew Power at Rs 50,000 crore? Also, Petronas has committed to invest Rs 31,200 crore, Continental AG Rs 1,000 crore in Bengaluru, Lulu Rs 2,000 crore and many more.
After Davos, are there plans to tour other parts to raise investments?
Yes, we are working continuously to bring in investments. As soon as the presidential polls are over, our
team will head to the US where we will go to different destinations over ten days. We will also go to Sweden, South Korea, Japan and Israel. In the country, we will tour important states like Maharashtra, Andhra Pradesh, Telangana, Tamil Nadu, Delhi and others.