He told Business Standard, here today, the government will focus on attracting investment to steel, cement, food processing, ITT and automobile sectors. "We have already cleared 65 investment proposals involving an investment of Rs 1,062 crore through the single window clearance committee. Through the proposed global investors' meet, the state will try to attract investment proposals in the order of Rs 500,000 crore," he said.

Nirani said the high powered committee to clear mega investment projects has received 36 major investment proposals worth Rs 50,000

crore which will be cleared during the meeting of the committee chaired by chief minister B S Yeddyurappa during the first week of August.

Earlier, addressing the members of Federation of Karnataka Chambers of Commerce and Industry (FKCCI), the minister said the state government proposes to develop an industrial corridor along the Bidar-Hyderabad national highway. This corridor, stretching over 500 km, will be developed on the models of Chennai-Bangalore-Mumbai industrial corridor which has already been approved by the Central government, he said.

The government is setting up a task force to prepare a blue print for the proposed setting up of special economic zone steel, cement, food processing, automobile and ITT parks.

He said the revised industrial policy which will be announced in the next three months will focus on simplifying the single window clearance agency and reduce stamp duty levied on sale and purchase of industrial sheds and land in phases over the next two to three years.

The government plans to acquire at least 500 acres in every district to develop new industrial estates and townships, and ease congestion in and around Bangalore, he added.