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OEM Update

Karnataka Calling!

April 10, 2012 9:54 am

The Global Investors Meet 2012 aims to attract investments to Karnataka that will not only help in generating employment opportunities but also contribute to the overall economic growth of the state, an exclusive analysis by Subhajit Roy & Relin Hedly
At the GIM 2010, Karnataka had signed over 389 MoUs worth around Rs.3.92 lakh crore. This time, we are targeting to attract investment commitments of up to Rs. 6 lakh crore-Karnataka Chief Minister DV Sadananda Gowda
We have been continuously making efforts to introduce new and industrial friendly policies, simplified government procedures and speed-up approval processes within the government’s system -Murugesh R Nirani, Minister for Large & Medium Scale Industries of KarnatakaEvery state is in a race to showcase its strength and potential to attract investors as part of its growth strategy. Karnataka is no exception. This is the main aim of The Karnataka Global Investors Meet (GIM) to be held in Bangalore from the 7th to 8th of June 2012. Initiated to showcase the investment potential of the state in various sectors: the summit will have a confluence of business leaders, prospective investors, governments, trade bodies and associations, entrepreneurs grace the event.
As a prelude to GIM 2012, a road show was organised in Mumbai on 7th of March. Initiated to spread information about the available investment opportunities in Karnataka, the road show also intended to provide various investor friendly policies and incentives offered by the state government to encourage the inflow of investment into Karnataka.
The programme was attended by several accomplished state dignitaries from Karnataka. Offering an interactive platform to potential investors and business delegates, the road show served as a forum for one-on-one interaction with decision makers to initiate a process of setting up businesses in the state.
Present at the occasion DV Sadananda Gowda, Chief Minister of Karnataka informed, “At the GIM 2010, Karnataka had signed over 389 MoUs worth around Rs. 3.92 lakh crore. This time, we are targeting to attract investment commitments of up to Rs. 6 lakh crore”. Taking the discussion further State Chief Secretary SV Ranganath claimed, “More than 60 per cent of the commitments made at the last summit have already fructified, placing the state as one of the best in terms of conversion ratios’’. Out of 389 MoUs signed in GIM 2010, 17 projects are already implemented and effective steps taken to in respect of materialising 210 committed projects. However, 162 MoUs are pending without any progress.
Advantage KarnatakaHighlighting the paradigm shift in infrastructure development within Karnataka; Seshagiri Rao, Joint Managing Director & CFO at JSW said, “In 1994, we started with only 1.2 million tonne steel plant with an investment of 3,300 crore investment. Today, we have invested around ` 40,000 crore which is almost 13 times of the initial investment”.
According to him,”Responsiveness of the bureaucracy, building harmonious industrial relations and the culture of Karnataka are some of the USP’s that attract investors towards the state of Karnataka’’. Looking forward to investing opportunities in the state, Mr. Rao said, “We are expanding steel production capacities from 10 million tonne to 16 million tonne and also setting up another 660 megawatts of power plants. We would like to commit more and more investments particularly in a state which is very proactive and supports the industry”.

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