1. Karnataka gets Rs 1.33 lakh crore investments in two days

Karnataka gets Rs 1.33 lakh crore investments in two days

Karnataka has managed to secure Rs 1.33-lakh crore of investments at the fourth edition of its Global Investors Meet (GIM). The government signed an expression of interest (EoI) with 121 investors in the last two days. The state government had earlier expected to receive in excess of Rs 3 lakh crore investments.

By: | Bengalore | Published: February 5, 2016 1:25 AM

Karnataka has managed to secure Rs 1.33-lakh crore of investments at the fourth edition of its Global Investors Meet (GIM). The government signed an expression of interest (EoI) with 121 investors in the last two days. The state government had earlier expected to receive in excess of Rs 3 lakh crore investments.

Speaking at the valedictory function of the investors’ meet, state industries minister R V Deshpande said “the total investments we garnered will generate 670,000 jobs across the state.” However, together with the investments garnered since April 2015 , the Congress-led state government has managed to get a total of Rs 3.08 lakh crore of investments, he said.

Admitting that mobilising investments was a continuous process, Deshpande told the delegates that the state’s focus was on implementing projects since the previous Congress government had launched the GIM in 2000. “Of the Rs 27,000-crore investments received then (2000), proposals worth Rs 18,000 crore were executed with 66% implementation rate,” Deshpande recalled, as he was the industries minister in the then Congress government between 1999 and 2004.

In the last two days, the government attracted investments in the state’s focus sectors – manufacturing, pharma, bio-technology, IT, agri-business, urban infrastructure, infrastructure and tourism. “Investments will be made across the state,” Deshpande told the delegates, including central and state ministers on the dais.

“We have appointed an official to follow up all projects above Rs 200 crore. We also commit to have all projects approved by the high power committee and single window committee before May 15,” Deshpande added.

Walmart, Ikea plan foray into Karnataka Global retail giants have announced a big foray into Karnataka. Walmart and Ikea have announced their plans to set shop in the state at the global investors meet, in Bengaluru on Thursday.

While US retail major Walmart said it would set up 10 cash-and-carry stores in the state, Swedish furniture maker Ikea said it would invest Rs 2,000 crore to set up four new stores. “We signed an agreement with the government to open 10 cash-and-carry stores in Karnataka,” Walmart chief executive Krish Iyer said on the second day of global investors meet. Speaking at a panel discussion on promoting women entrepreneurship, Iyer announced Walmart’s goals of promoting and encouraging women entrepreneurs and invited them to approach his team for evaluation to enroll as a vendor.

Ikea said it would invest Rs 500 crore in each of its four stores in Karnataka. “We will set up four stores in Karnataka and create direct employment to 500 people and indirect employment to 1,500 people,” Ikea India chief executive Juvencio Maetzu said.

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