GIM will add new dimension to Karnataka’s growth: Minister Nirani

BENGALURU: The Global Investors Meet (GIM) 2022 is a platform for industry leaders, innovators, and policymakers from all over the globe to explore new growth possibilities, said Industries Minister Murugesh R Nirani.

Addressing the gathering on the opening day of the Invest Karnataka event, Nirani said, “This is my 3 rd Global Investors Meet as industries minister. The first two Investors Meet in 2010 and 2012 saw investments of over Rs 10 lakh crore. This was also possible due to former chief minister B S Yediyurappa. Through Invest Karnataka 2022, we are aiming to propel the state to the next level of industrial development and growth.”

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Nirani said the core objective of the Global Investors Meet is to bring in investments in diverse sectors and create jobs. “This Investors Meet will add new dimensions to Karnataka’s growth journey. Today, Karnataka is the New Global Investment destination and Bengaluru is the one of largest technology and innovation clusters. Karnataka offers an excellent industrial ecosystem, world-class infrastructure and industry-friendly policies. We are the most preferred state for investments in the manufacturing and sustainability sectors”, he noted.

Further, he said, “We are committed to setting Karnataka’s development agenda in line with global best practices and showcasing our strong ability to ‘Build for the World’. The great visionaries, Maharaja of Mysore Nalwadi Krishnaraja Wodeyar and his dewan Bharat Ratna Sir M Visvesvaraya, laid a strong foundation for industrialisation in Karnataka at a time when our country was still in its infancy stage of industrialisation. Governments may come and go, but the policies and the processes remain the same. This means “stability in policy” is maintained”.

“Aatmanirbhar Bharat is the vision of Prime Minister Narendra Modi to make India a self-reliant nation. We are going in the right direction of achieving the PM’s goal and vision”, Nirani said.

“Our government, under the leadership of Chief Minister Shri Basavaraj Bommai, is encouraging industries by creating extensive opportunities for innovation and reliability.The Large and Medium Industries ministry has been successful in creating an entrepreneurial environment and enhancing investor friendliness in the state. The CM knows the pain of investors and he will ensure that there will be no pain in future for investors”, Nirani stressed.

Noting that reformative measures such as the Industrial Infrastructure Amendment, Land Reform Act Amendment, faster approval of business proposals, emphasis on flexiblebusiness and affidavit-based approval have been taken, he said sector-wise policies like the ESDM Special Incentive package, EV policy, and ER&D (Engineering Research and Development) policy provide best-in-class incentives.

“Instead of earlier 99-year lease system, we have introduced 10-year lease-cum-sale of KIADB land allotted for industries. Our industry-friendly government has also introduced a system where clear titles (sale deeds) of the allotted land will be handed over to industrialists once the allottees successfully run the project for two years”, he said.

“Karnataka stands first in renewable energy,first in electric vehicles innovation, first in IT exports and second in total exports across states, first in Aerospace and defence manufacturing, machine tool manufacturing, biotech production and exports and in electronics design and R&D in India.

Realising the importance of regional integration, we have initiated ‘Beyond Bengaluru’ to promote industries in tier-2 and tier-3 cities.The idea is to create an industrial ecosystem beyond Bengaluru and local job creation. Through our Beyond Bengaluru initiative, we are providing lucrative incentives to investors in order to promote Tier-2 and 3 cities like Mysuru, Tumakuru, Mangaluru, Hubballi-Dharwad, and Kalaburgi”, the minister said.

“As part of the same, five airports will be developed to offer better and speedy connectivity. Our aim is to take FMCG sector to Rs 10,000 crore investment in the next few years and provide one lakh employment. More than 70 per cent of this ‘Invest Karnataka-2022’ investments are coming up in Beyond Bengaluru region”, he said.

The minister also announced that world-class industrial and logistics parks will be developed across Karnataka with an investment of over Rs 15,000 crore. The state government will also be setting up an Investor Aftercare Cell, he noted.