Karnataka’s large and medium industries and infrastructure minister MB Patil has said the state is revisiting the way it approaches investment and the upcoming Global Investors Meet will reflect the changes.
As many as 80 percent of the agreements signed during the meet, which the state will host in February, will materialise, the minister said at the CNBC TV18 and Moneycontrol Global AI Conclave in Bengaluru on November 22.
“Earlier, only a few states like Karnataka, Maharashtra, and Gujarat hosted such events. This time, we aim to elevate the format to a different level. 'Invest Karnataka 2025' will be unlike any other. It will not be a routine event, as every state is now organising such summits,” Patil said.
The minister acknowledged the challenges in realising investment commitments. “Earlier, many announcements were far from reality. For instance, during the last Global Investors Meet, we signed Rs 1.5 lakh crore worth of investments in green hydrogen but none of it materialised due to various restrictions. This time, we will ensure that the agreements signed are realistic and achievable. Around 80 percent of these commitments will be realised,” he said.
Also read: Global AI Conclave: Karnataka's industrial policy to target Rs 7 lakh crore investment, 25 lakh jobs
The state’s new industrial policy, too, will be unveiled at the global investors meet.
Highlighted changes in the state’s approach to facilitating investments, the minister said the Invest Karnataka Forum was being restructured, with a dedicated chief executive officer and experts for each sector, including areas such as defence.
The industry experts would oversee operations, conduct market analyses and ensure follow-ups. “We are bringing professionals from the industry and compensating them at market standards to make this process more effective,” he said.
The minister said that a revamped single-window clearance system would streamline approvals.
“We were not satisfied with the current single-window system. With support from Microsoft, we are launching a new platform to cut approval times for industries by half, reducing the process by up to 100 days. This system will bring all clearances under one roof, making the process faster and more efficient,” he said.
Also read: Karnataka partners with Microsoft to fast-track approvals for industrial projects
He said the new industrial policy aims to position the state as a $1 trillion economy by 2032.
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