Bengaluru: Union Finance Minister Nirmala Sitharaman on Wednesday batted for investments in Karnataka saying that the state is a leader in many sectors and has attractive policies to promote industries in the state. The Union minister, who is also a Rajya Sabha member from Karnataka, said that investors are willing to come to the state because of the previous track record of Karnataka as well as Bengaluru in facilitating industries.
"Karnataka is a leader in many sectors. The state is holding the first position in renewable energy generation as 63 percent of all the installed capacity lies in the renewable energy sector. Karnataka is also first in electrical maintenance as well as innovations. The state is also home to about seven plus auto Original Equipment Manufacturers (OEMs). It has more than seven OEMs in Bengaluru and 50-plus auto component manufacturers are functional across Karnatka," Sitharaman said while addressing a gathering at the inaugural launch of the three-day Global Investors' Meet (GIM) titled 'Invest Karnataka'. Speaking further, Sitharaman said, the industry consultative process which happens in Karnataka is extensive in nature.
Read: FM Sitharaman discusses current global situation and India's G-20 presidency with IMF's Deputy Managing Director Gopinath
Quoting Chief Minister Basavaraj Bommai, Sitharaman said, "Initially, when the GIM was planned, the state government's expectations and target of investment were somewhere in the range of Rs 5 lakh crore. However, it went up to Rs 7.5 lakh crore, of which Rs 2.8 crore related investment proposals have already been cleared. That is the pro-active nature of this government led by Chief Minister Basavaraj Bommai and it is the speed with which the Karnataka government responds that gives confidence to the investors," Sitharaman pointed out.
She also highlighted that the MoUs are being inked in the sunrise sectors, including green hydrogen. Sitharaman said the state government has been ensuring the setting up of corridors for industries, besides the ports being linked. According to her, the state's new Information Technology Policy 2020-25 is a big step forward as it also looks at electronic system-defined manufacturing and telecom services in six clusters.
Further, the industrial clusters are not just going to be established in Bengaluru but outside the city in places like Mangaluru, Tumakuru, Mysuru, Hubballi, Shivamogga, and Kalaburagi.
"The One District, One Product is something, the state is implementing at a rapid pace. Land reforms are happening. Similarly, the renewable energy policy of the state is something which I think is very rewarding and as a result, you have a lot of investments happening in this sector as well," Sitharaman summed up.
