Karnataka gets Rs.1.33 lakh crore at investors meet

Karnataka has managed to get only Rs.1.33 lakh crore of investments at the fourth edition of its global investors meet (GIM), a state minister said on Thursday.

"We have signed 121 agreements and expression of interest to the tune of Rs.1.33 lakh crore at the GIM," Industries Minister R.V. Deshpande said at the valedictory function on the second day of the three-day mega event here.

The state government, however, secured 56 percent of the total investment worth Rs.1.75 lakh crore during the last three years that were approved by its high power committee and single window agencies of various departments.

"The total investments (Rs.3.08 lakh crore) we garnered will generate 6.7 lakh jobs across the state," Deshpande said.

Admitting that mobilising investments was a continuous process, he told the delegates that the state's focus was on implementing projects since the previous Congress government had launched the GIM in 2000.

"Of the Rs.27,000 crore investments received then (2000), proposals worth Rs.18,000 crore were executed with 66 percent implementation rate," said Deshpande, who held the same portfolio in the then Congress government (1999-2004).

The investments are in the state's focus sectors - manufacturing, pharma, bio-technology, IT, agri-business, urban infrastructure, infrastructure and tourism.

"Investments will be made across the state, including Bellari, Dakshina Kannada, Ramanagaram and Daksina Kannada," Deshpande told the delegates, including central and state ministers on the dais.

"We have appointed an official to follow up all projects above Rs.200 crore. We also commit to have all projects approved by the high power committee and single window committee before May 15," he added.