K’taka targets Rs 5 lakh cr investment in Global Investors’ Meet

Karnataka Large and Medium Industries Minister Murugesh Nirani said the state is expecting to attract an investment of Rs five lakh crore during the three-day Global Investors’ Meet in the city, starting from November 2.

The minister also said that Prime Minister Narendra Modi will virtually inaugurate the event while the Union Minister for Road Transport and Highways of India Nitin Gadkari will attend the veledictory.

“We have set a target of Rs five lakh crore investment during the three-day GIM. We expect five lakh people to land jobs from these investments,” Nirani said in a press conference.

Of the total investment, about Rs 1.78 lakh crore will be in the field of green hydrogen. Other prominent areas of investment for the investors are semi-conductors, electric vehicles and auto components, Aerospace and Defence, the minister explained.

For the Global Investors Meet, a total of 50,000 acres of land — 20,000 acres in Bengaluru and 30,000 acres across the state has been earmarked for the investment purpose, Nirani said adding that the state has formulated lucrative industrial policy, aerospace and defence policy, data centre policy, renewable energy policy and semi-conductor policy.

Other dignitaries to attend meet are Union Finance Minister Nirmala Sitharaman, Union Commerce and Industries Minister and Union Coal and Mines Minister Pralhad Joshi.

According to Nirani, they have received confirmed participation from Aditya Birla Group chairperson Kumar Mangalam Birla, Starbucks co-founder Zev Seigl, Toyota Kirloskar Motor vice chairman Vikram Kirloskar, Wipro chairman Rishad Premji, Sterlite Power CMD Pratik Aggarwal, Biocon chairperson and founder Kiran Mazumdar Shaw.

The state government is making all preparations to make it a big event. GIM 2022 will be a platform to join industry leaders, innovators, and policymakers from all over the globe to explore new growth possibilities. This year’s meet will focus on getting political leaders, and business leaders to carve out the development agenda, he said.

“Karnataka State is the preferred destination for investments in the manufacturing and sustainability sectors. We are looking at forging partnerships with various business houses across India and the globe.” Nirani said he recently completed international roadshows in Japan, South Korea, the United States of America, and Europe and domestic roadshows in Delhi, Hyderabad, and Mumbai.