Karnataka to be power surplus in 4 years: Siddaramaiah

Karnataka is expected to be power surplus by 2017 and the government will make all efforts to supply quality power to industries, Chief Minister Siddaramaiah said Monday.

"We will ensure that power projects both in conventional and non-conventional sectors, will be implemented faster. We expect Karnataka to be a power surplus state by 2017. We will make all efforts to supply quality power to industries," he said addressing the FICCI national executive committee meeting here.

The need for adequate and quality power supply to industry was stressed by FICCI president Naina Lal Kidwai who pointed out that "power shortage is among one of the important issues affecting the growth of the industry (in the state)".

"In 2012-13, the peak deficit was 13.5 percent compared to national average of 9 percent. The state needs to strive for the power surplus situation," she urged.

Apart from assuring completion of power projects in the next four years to make the state power surplus, Siddaramaiah promised to come out with a new industrial policy in January next to "further catalyze the manufacturing sector".

He welcomed FICCI to be associated in drawing the new policy. Kidwai in her address appealed to the government to take steps for easy land acquisition and reduce value added tax (VAT).

Noting that South Korean steel giant Posco had pulled out of its plans to invest around $5 billion for a steel plant as land could not be acquired, she said: "Land acquisition should be hassle-free so that it does not hurt the interests of the investors and encourages industrial development."