Karnataka Cabinet may discuss Global Investors Meet plans for next year

The last GIM in 2022 brought in Rs 9.8 lakh crore, and that too at a time when the entire world was reeling under Covid.
FILE - Karnataka CM Siddaramaiah (R) with Deputy CM DK Shivakumar.
FILE - Karnataka CM Siddaramaiah (R) with Deputy CM DK Shivakumar. (Photo | Nagaraja Gadekal, EPS)

BENGALURU: Chief Minister Siddaramaiah, Deputy Chief Minister DK Shivakumar and a team led by Industries Minister MB Patil are planning to hold another edition of the Global Investors Meet (GIM) sometime next year.

Siddaramaiah has told the team that they have to work hard to bring in more investments to Karnataka. The last GIM in 2022 brought in Rs 9.8 lakh crore, and that too at a time when the entire world was reeling under Covid.

The Karnataka cabinet that is meeting on Thursday is expected to discuss issues concerning GIM.

Sources said MB Patil is confident of getting large investments. The state has taken note of the recent GIM in Tamil Nadu, where memorandums of understanding worth Rs 6.6 lakh crore were signed, the sources added.

They said the industries department and Udyog Mitra have held some rounds of discussion and preparatory meetings, but would seek the mandatory administrative approval for GIM.  

Sources said Karnataka has to compete with all other states now, unlike in the 1990s when Karnataka was a pampered destination. Between 1999 and 2004, when SM Krishna was chief minister, the state attracted good investment proposals and it was in direct competition with the united Andhra Pradesh.

Now that the architect of Cyberabad, Chandrababu Naidu, is back as chief minister of Andhra Pradesh, Karnataka has to work extra hard to get investments, the sources said.

Industry teams are expected to visit EU, US, Japan, Singapore and other places to attract investments and target industries planning to move out of China.

The cabinet is also expected to take up the Backward Classes Commission and Seventh pay Commission reports.

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