Karnataka large and medium industries minister MB Patil on September 1 claimed that investment MoUs worth Rs 60,000 crore were signed during the first 100 days of the Congress-led government.
Speaking to reporters in Bengaluru, he said that these investments would create nearly 30,000 new jobs. Patil said that companies such as Foxconn, JSW Energy, Tata Electronics, and IBC had signed MoUs for substantial investments, expressing their confidence in Karnataka as an investment destination.
He said negotiations are underway with more than 20 investors, with the potential to bring in investments of Rs 1 lakh crore to the state. These potential investors include multinational companies based in Taiwan and Korea, as well as prominent public and private sector organizations.
Knowledge-Health-Innovation and Research City
Patil said they will set up a 'Knowledge-Health-Innovation and Research City' (KHIR) which spans around 2,000 acres on the outskirts of Bengaluru.
"The KHIR is poised to redefine Bengaluru's global standing by fostering the growth of knowledge institutions, healthcare facilities, innovation hubs, and research centers. In its initial phase, 1,000 acres will be developed to accommodate a world-class university, a state-of-the-art hospital, and advanced innovation and research facilities. This strategic initiative is expected to elevate Bengaluru's stature in the international arena," Patil said.
"This project will not only benefit the people of Karnataka but will also attract global talent and investments, taking Bengaluru to greater heights," he said.
Patil said they also have plans to create an Aero City 'Business Park' extending across 407 acres near Kempegowda International Airport in Bengaluru, taking inspiration from successful models like Delhi.
MSIL to launch 100 premium liquor outlets across the state
Patil said Mysore Sales International Limited (MSIL) will launch 100 premium liquor outlets across the state.
He said, "The initial phase of this initiative will see the opening of 30 outlets, including 10 strategically located in various parts of Bengaluru city.
Simultaneously, significant enhancements are being implemented in the management of the MSIL chit-fund. Further, iconic Lekhak notebook brand is set to undergo revitalisation, and there is a dedicated commitment to elevate the prestige of the historic Mysore sandal soap, originally established by the Maharaja of Mysore" he said.
Patil said the government is taking decisive steps to enhance industrial infrastructure, entrusting local industrial associations with the management of industrial areas. He expressed confidence that this move would address long-standing infrastructure challenges faced by industries in the state.
"To strengthen collaboration between the government and the industry, the minister has initiated dialogues with representatives from diverse sectors, ranging from startups to conglomerates. These discussions have extended to foreign diplomats from the Netherlands, Germany, Taiwan, and Israel, with a focus on creating an inclusive environment conducive to industrial growth" he said.
Invest Karnataka platform
Further, he said the 'Invest Karnataka' platform is undergoing a significant overhaul to attract investment while ensuring an inclusive industrial ecosystem in the state. This initiative involves industry luminaries, a 'Strategic Investment Committee' comprising experts from venture capital, private equity, and infrastructure development, and the creation of a streamlined 'single window' system to facilitate ease of doing business, he said.
Patil emphasised the formation of a 'Vision Group' to drive growth in ten priority sectors, including Aerospace and Defence, Machine Tools, ESDM, Pharmaceuticals, Core Manufacturing, Automotive/Electric Vehicles, Industry 5.0, Textiles, Green Energy, and Emerging Technologies.
New policy
Patil said the government is working on crafting a new industrial policy and has already drafted policies for the electric vehicle and warehousing and logistics sectors. Insights from the industrial policies of other states are being studied to develop a forward-thinking and attractive incentive package for investors, he said.
Airports, Bengaluru Suburban rail project
Patil, who also holds the infrastructure development department portfolio, indicated that Vijayapura Airport would be operational by April 2024, and the development of Hassan Airport is underway, highlighting the state's commitment to enhancing its aviation network.
He said, "Rail Infrastructure Development Company (Karnataka) Limited (K-RIDE) is awaiting the necessary permissions from the Union Ministry of Railways to expand the ongoing 149km Bengaluru suburban rail project to an extensive 452 kilometers in its second phase."
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