Invest Karnataka 2016: India's Silicon state signs 147 projects for Rs 1.33 lakh cr

Karnataka signed 147 projects with a commitment to invest Rs 1.33 lakh crore in the two-day Invest Karnataka event across energy, pharma, information technology & biotechnology, agriculture, infrastructure and tourism. This is in addition to Rs 1.75 lakh crore worth of projects approved by the state over the past year, which combined, would generate nearly 700,000 jobs.

In order to ensure that the MoUs and interest showed by investors is realised and turned into actual investments, Karnataka has appointed an official to follow up on projects where investments are above Rs 200 crore. Moreover, the state will aim to have all projects approved by high-power committees and single-window committees before May 15.

"Mobilising investments is a continuous process, it is not a process that can be done in two days. But we are confident with the amazing response that there should not be any doubt that Karnataka will be the key destination in India for investments," said R V Deshpande, industries minister with the government of Karnataka.

Karnataka received maximum investment proposals in the energy sector, at over Rs 1 lakh crore. The government said most of these projects were in the renewable energy and particularly in the waste, solar and wind energy sectors. The second-biggest sector to receive investments was the steel sector, with proposals for investments of Rs 38,000 crore and the promise to employ 6,000 people.

Apart from the claimed Rs 3-lakh investment proposals in Karnataka, the state will also receive Rs 1 lakh crore over two years for the development of 4,000 km of national highways in the state. Further, Rs 200 crore will be invested in ports and Rs 500 crore will be given by Centre to set up a 1.3-million tonne urea plant. The Karnataka government will also set up a public-private partnership company called Karnataka Invest where industrialists will advise the government and will function as an ambassador to attract global investments.