Karnataka government to attract investments of Rs 5 lakh crores over the next 5 years

Karnataka govt has decided to host ‘Global Investors Meet (GIM)-2015’ in the last week of November

BENGALURU: In an effort to attract investments of Rs five lakh crores over the next five years, the state government has decided to host ‘Global Investors Meet (GIM)-2015’ in the last week of November.

Addressing the media here on Tuesday after reviewing the performance of industries and commerce department here, Chief Minister Siddaramaiah said the GIM was originally scheduled to be held in 2014, but as the new industrial policy came into effect from October 2014, the government decided to host it later this year.

At present, industrial growth stands at ten per cent, but in the next two years it would touch 12 per cent. The new industrial policy has given thrust to development of backward regions by offering attractive concessions to potential investors, Mr. Siddaramaiah said adding “The industrial policy has enhanced incentives for women, SC/STs, Backward Classes and minorities, and is more liberalised than the earlier policy. Even many foreign countries have enquired about our new industrial policy.”

During 2013-14, 255 projects with an investment of Rs 42,177 crores to generate employment opportunities for 1,71,451 persons were approved. Likewise, in 2014-15, 107 projects with proposed investment of Rs 53,343 crore to generate employment opportunities for 55,544 persons have been approved. “Under my chairmanship, the state high level clearance committee (SHLCC) has approved 46 projects in 2013-14 with investment of Rs 38,653 crores, to provide employment to 1,27,692 persons. In 2014-15, the government has given clearance to 35 projects with investment of Rs 51,042 crores to generate employment to 31,296 persons”, the Chief Minister added.

He said none of the investors has faced problems with regard to acquisition of land for mega industrial projects as the government has acquired land through Karnataka Industrial Area Development Board (KIADB) which provides attractive compensation to land owners. “There is no project stalled or dropped due to the land acquisition problem. We have 32,000 acres in the land bank, so there is no problem for land for these projects. Under the new industrial policy, land is given on lease for a period of 99 years. Earlier, it was a ten year lock-in period to sell or purchase land. Due to change of land use policy, government has discouraged the real estate sector, and genuine industrialists have come forward to set up units in the state”, the Chief Minister explained.

Mr. Siddaramaiah said the state was in a better position to encourage industries when compared with Telangana and Andhra Pradesh. Except one industry, none has shifted to neighbouring Andhra Pradesh, the Chief Minister added.

Hold BBMP elections soon: B-PAC

Members of Bengaluru Political Action Committee (B-PAC) on Tuesday urged Chief Minister Siddaramaiah to hold elections to BBMP as early as possible. During a meeting with the Chief Minister at his home office ‘Krishna’ here, the B-PAC team headed by managing trustee and chairperson, Kiran Mazumdar –Shaw urged him to trifurcate BBMP and to announce elections immediately. The members also requested him to give thrust to Bengaluru’s upkeep by launching Swachh Bengaluru campaign, and sought an elevated road to Whitefield to decongest traffic.

“We have submitted a detailed report to the Chief Minister regarding restructuring of BBMP. Due to traffic congestion and garbage menace, it is difficult to lead a normal life in Bengaluru. We have demanded that BBMP elections be held in three months,” said vice chairman Mohandas Pai. Mr Pai said the creation of smaller corporations would help provide better infrastructure in this burgeoning city.

( Source : dc correspondent )
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