Karnataka clears Rs.13,770 crore of investment projects

The Karnataka government Tuesday cleared 18 projects with a combined investment of Rs.13,770 crore to create employment to 44,726 people across the state.

The projects were approved at the 34th state high level clearance committee meeting, attended by Chief Minister Siddaramaiah, his cabinet colleagues, the chief secretary and other officials.

Of the 18 projects, four projects will be in Kolar district, three in Bangalore Rural, two each in Bellary and Tumkur districts, while one each in Bangalore Urban, Chikkaballapur, Davanagere, Dharwad, Hassan, Koppal and Mandya districts.

Investment wise, Tumkur will get Rs.5,124 crore, followed by Chikkaballapur Rs.1,917 crore, Kolar Rs.1,564 crore, Dharwad Rs.1,450 crore, Bangalore Rural Rs.1,273 crore, Bellary Rs.743 crore, Koppal Rs.650 crore and Bangalore Urban Rs.414 crore.

Sector wise, three projects will be in iron and steel sector, two projects each in automobile, engineering and infrastructure, while one each in aerospace, agro, chemicals, food, information technology, petrochemicals, pharma and textiles.

Investments in the automobile sector is projected to create 14,280 jobs, followed by IT park 9,850, infrastructure 7,850, agro 3,945, aerospace 3,000, iron and steel 2,478 and engineering 1,315.

"The projects indicate that the state is a major investment destination in the country, as showcased at the three-day partnership summit in January with the Confederation of Indian Industry (CII) in Bangalore," Siddaramaiah told reporters later.

To attract more domestic and overseas investments across verticals, the state government plans to conduct Global Investors' Meet (GIM 2014) in October where investors from about 30 countries will be invited.

"We are coming out with a new industrial policy soon to pitch the state as the most preferred destination through inclusive, sustainable and balanced growth," Siddaramaiah said.

The state has recently launched e-Udyami portal to facilitate online filing of applications for single-window clearance.