Karnataka to woo NRIs to invest in state

'More than 6,000 NRIs have registered with 14 states having stalls in an exhibition area'

The Karnataka department of commerce and industries has introduced a NRI policy with the view to attract investments from non-resident Kannadigas (NRKs) and other NRIs ahead of the three-day Pravasi Bharatiya Diwas that starts on Saturday.

Karnataka's policy proposes to have a card that will offer privileges and speedy service to NRKs, a "Namma Ooru-Namma Nadu" initiative that will allow these individuals to engage in philanthropic activities, a district level support system for NRKs and their families, along with structured programmes to promote art, yoga and cultural activities.

The state also plans to have a business incubation centre to promote entrepreneurship among NRIs/NRKs the services of which they will be able to avail at a special monthly rental for an initial period of one year.

Pravasi Bharatiya Diwas is an annual gathering of non-resident Indians held on January 9 every year by the Ministry of External Affairs. It is the first time that Karnataka will host the event, with a theme of "Redefining engagement with Indian diaspora".

"It is a historical event for us. We are expecting diaspora from more than 70 countries. This is an opportunity for Karnataka to showcase its strengths in investments, IT/BT, infrastructure and manufacturing," said RV Deshpande, Minister for Large and Medium Industry and Infrastructure Development. 

"More than 6,000 NRIs from 70 countries have registered with 14 states having stalls in an exhibition area."

The three-day event which will be formally inaugurated by Prime Minister Narendra Modi on Saturday along with Portuguese Prime Minister Dr Antonio Costa who would be the chief guest of the convention. On Friday the events will be dedicated to the youth in India and those coming from abroad.

Deshpande added that this is the first time a state government has been allowed to have two seminars which will focus on Start-ups and innovation, and Invest Karnataka.

"PBD happening first time in Karnataka. Bengaluru is a brand. Karnataka's potential will be marketed here. The Kannadigas who are NRIs know Karnataka, but it is for us to reach other NRIs from other parts of the country so tourism can grow and trade can grow. Investment will not come immediately, but later," Deshpande added.

As on November 30, 2016, Karnataka has received investments of more than Rs 1.49 lakh crore as per the department of investment and promotion. On Monday, President Pranab Mukherjee will confer Pravasi Bharatiya Samman awards and deliver the valedictory address.