Karnataka plans to invest Rs 5 lakh crore at the Global Investor Meet next month

Karnataka plans to invest Rs 5 lakh crore at the Global Investor Meet next month

The Karnataka government expects over 5 lakh crore in investment during the Global Investors Meet 2022, which will be held next month in Bengaluru, according to the state’s large and medium industries minister Murugesh R Nirani. After a six-year hiatus, the global investors meeting will be held on November 2-4.

“The state is expecting over ₹5 lakh crore in investments in the Global Investors Meet 2022,” Nirani said at the launch of a roadshow in the national capital to promote Karnataka as an investment destination.

The minister stated that the state government has already set aside 50,000 acres of land for investors interested in investing in the state, 20,000 acres of which are in Bengaluru and 30,000 acres in other parts of Karnataka.

Karnataka has emerged as the country’s top investment destination for the last two years in a row, owing to the state’s excellent industrial ecosystem, world-class infrastructure, and industry-friendly policies, he said.

Last fiscal year, the state attracted 62,085 crore in investments, accounting for 38% of total FDIs (Foreign Direct Investments) in the country, he added.

Speaking at the event, Union Minister of State for Chemicals, Fertilizers and Renewable Energy Bhagwanth Khuba, who hails from Karnataka, said: “A strong fiscal and stable policy is key for investment and it is clearly there in the state.”

According to E V Ramana Reddy, Additional Chief Secretary (Commerce and Industries) in the Karnataka government, several meetings were held in the national capital with representatives of top companies looking for collaboration opportunities.

The delegation met with representatives from ITC, Scape India, Renew Power, Sembcorp Energy, Lithion Power, Dalmia Cement, Sterling Tools, Nestle, Jubliant Food Works, Garuda Aerospace, Ocean Pearl Hotels, V- Guard Industries, and Nithin Sai Renewable during the one-day roadshow in New Delhi.

The roadshow was attended by Karnataka Commissioner for Industrial Development Gunjan Krishna, ITC Vice President Corporate Affairs Anil Rajput, Jubliant Food Works Vice President Amardeep Ahuwalia, and Shahi Exports Vice President J D Giri.