Companies not dropping Karnataka as destination: CM

Karnataka Chief Minister Siddaramaiah today said except Hero Motocorp, no other company has dropped the state as its destination for projects.
"Except Hero MotoCorp Limited, no other companies have dropped Karnataka as their destination for their respective projects. Karnataka is the most preferred destination for investments. It is not we but World Bank's opinion," he said.
Speaking at a meet-the-press programme by the Bangalore Press Club and Bangalore Reporters Guild, Siddaramaiah said Telangana and Andhra Pradesh were not competitors for Karnataka.
Giving reasons for Hero Motocorp dropping Karnataka as its destination, he said the company invested in Andhra Pradesh as the government there gave more concessions on land.

Hero Motocorp, a leading two-wheeler manufacturer, was to set up its production unit in Dharwad at a cost of Rs 1,450 crore.
Siddaramaaih also rubbished reports that Asian Paints was dropping Karnataka as destination for investments by saying "Asian Paints are not going."
He said that Amazon, Flipkart and other e-commerce companies will continue to do business in Karnataka.
Siddaramaiah said the government will not increase or decrease VAT from 5 per cent and 14.5 per cent as the GST is expected to be introduced from 2016-17.