Global Investors Meet should net Rs 5 lakh crore investment in Karnataka: Murugesh Nirani

BENGALURU: Minister for Large and Medium Industries Murugesh Nirani said the Karnataka government is expecting over Rs 5 lakh crore in investments during the Global Investors’ Meet (GIM) 2022, slated to be held from November 2 to 4, and the Congress campaign against the government will not have any impact on the GIM.

Nirani, who has just returned from his tour abroad and roadshows in Indian metro cities to attract investments for Karnataka, told the media that the Congress allegations have no meaning. Chief Minister Basavaraj Bommai and others have sought evidence, which they have failed to furnish. Moreover, investors know that the state is peaceful and investor-friendly, he said.

Asked about neighbouring states trying to attract the state’s potential investors, he said he has no qualms about it as those states are also part of the country. “They are our brothers. But Karnataka’s policy reforms continue to keep it on top. It has attracted Rs 1.76 lakh crore ($22.1bn) FDI from April 2021 to March 2022, which is 38 per cent share of FDI flow into the country,” he remarked.

The state is expecting over Rs 5 lakh crore in investments which could generate 5 lakh jobs, and MoUs have already been signed for Rs 3 lakh crore, he added. The state has seen 66 per cent conversion of MoUs signed in industrial sectors for investment proposals being filed over the past one year. This conversion ratio is expected to cross 80 per cent over 3-6 months after the GIM. A total of 50,000 acres of land -- 20,000 acres in and around Bengaluru, and 30,000 acres across the state -- has been earmarked, he informed.

Karnataka has already secured Rs 4 lakh crore worth of projects across sectors such as green hydrogen, electronics manufacturing, renewables, aerospace and defence, e-mobility and infrastructure, and this investment is expected to increase post the GIM, he explained.

MODI TO INAUGURATE GIM-2022 VIRTUALLY
PM Narendra Modi will inaugurate GIM on November 2 at the Palace Grounds virtually. It will be attended by Union Finance Minister Nirmala Sitharaman, ministers Smriti Irani, Bhagwant Khuba and Nitin Gadkari.

ADANI’S COMMITMENT
Business tycoon Gautam Adani, who recently announced investments worth B60,000 in Congress-ruled Rajasthan, is likely to make a similar announcement for Karnataka. “Adani would be sending his son Karan Adani, and we expect good investments from their companies,” Nirani revealed. Business honchos from Vedant and Hinduja groups are among those expected to take part too. “We recently completed roadshows in Japan, South Korea, US, Europe, and domestic roadshows in New Delhi, Hyderabad and Mumbai. Our aim is not only to get investments but to bring industry giants under one platform. We are expecting over 5,000 global delegates,” he said.