GIM has delivered beyond our expectation this time, says Nirani

BENGALURU: The three-day Global Investors Meet has delivered beyond expectations with total investments worth Rs 9.82 lakh crore, announced Large and Medium Industries Minister Murugesh R Nirani on Saturday. He was briefing the media at a private hotel here on the outcomes of the three-day investors’ conclave.

Looking visibly happy over the grand success of the three-day mega Global Investors Meet at Palace Grounds here, Nirani said that the GIM has laid the foundation for future growth and the conversion ratio will be much better this time.

Industries Minister Murugesh R Nirani briefing the media about the outcome of the Invest Karnataka Global Investors Meet, on Saturday.

“We are glad that the GIM ended successfully with an overwhelming response from all the stakeholders. We have received investments to the tune of Rs 9.82 lakh crore, out of which Rs 2.83 lakh crore investments were approved by the Single Window/State High-Level Clearance Committee (SWCC/SHLCC) and Rs 1.57 lakh crore investments were announced during the GIM. We are expecting a better conversion ratio this time than the previous GIMs. There are other big investment proposals that will be cleared in the State High-Level Clearance Committee, headed by the Chief Minister, in the next three months”, said Nirani.

Taking businesses beyond Bengaluru

Expressing happiness over businesses going beyond Bengaluru, Nirani said over 90 per cent of the total investments are outside Bengaluru.

“Our aim is the overall development of the state and I am glad that more than 90 per cent of these investments are going beyond Bengaluru. We are also promoting the ‘One District One Product’ initiative to promote industries across the state. We will improve waterway, airway, railway, and roadway connectivity in a big way. There are eight airports that are operational in the state and three more will come up soon”, Nirani added.

The minister said the energy sector received a major chunk of investments, indicating the government’s thrust on the production of alternative energy sources such as green hydrogen, green ammonia, wind and solar that are crucial for future development. He promised to extend all cooperation and necessary help to investors to implement their projects. He said government agencies with nodal officers will help the investors and address their grievances. He also promised to provide necessary infrastructure facilities, water, power supply, and highly skilled manpower to the investors.

6 lakh jobs to be created

Sounding optimistic over the implementation of projects, Nirani said the total investment proposals are expected to create over 6 lakh jobs across the state. “These investments will create job opportunities for over 6 lakh people. We have a highly skilled workforce that can be tapped by the industries. Karnataka is now the most suitable destination for new investments,” he maintained.

Land allotment and implementation

Clarifying the government’s stand on land allotment to industries, the minister reiterated that it will not be sold to industries. “We will not sell the land to investors to set up industries, but will allot land on lease deed. If the investors fail to utilise the allotted land for the said purpose, then the government will take it back”, he clarified.
The minister also added that some big-time investments may take up to five years to implement the projects.

Approval within 90 days

Nodal officers will be appointed to implement/approve the MoUs made in the GIM within 90 days. District-wise Coordination Committee and nodal officers will be appointed for the implementation of the MoUs. “Around 70 per cent of the projects will see conversion”, he explained.