Karnataka got maximum FDIs in Q1: Nirani

Bengaluru: Minister for Medium and Large Industries Murugesh Nirani on Wednesday said the State has attracted the maximum of foreign direct investments (FDIs) in the country during the first quarter of this fiscal.

“We had been in the fourth position in the FDIs in the country but in the previous quarter we were on the top, which is a matter of pride for us. We have attracted approximately Rs 62,085 crore,” Nirani said in a press conference.

He gave credit to the Karnataka Udyog Mitra (KUM), an arm of the Department of Industries and Commerce, for the achievement by saying that it successfully responded to the needs of the industries.

The Minister said a letter from Invest India, a national investment promotion and facilitation agency, appreciated KUM as a top performer in the previous quarter with a rate of 92 per cent on various parameters such as mandate, strategy and marketing, targeting investors, winning and facilitating investment projects, aftercare and systems and infrastructure.

In its letter, the Invest India congratulated KUM for taking measures that have resulted in it becoming one of the leading investment promotion agencies in trhe country.

“We commend the farsightedness of the State and its leadership for taking the steps to prove its relevance in this competitive landscape. KUM has scored 100 in four out of the eight pillars,” the letter read.

According to the Minister, Maharashtra stood second with Rs 30,141 crore and Delhi third with Rs 14,373 crore FDIs in the previous quarter.

He added that the Karnataka government is going to organise Global Investors’ Meet (GIM) in Bengaluru sometime in November the date for which would be announced by Chief Minister Basavaraj Bommai in a week.

This time, the GIM would investment in the aviation sector and hardware besides IT-BT, gems and geology in which the State is on the top, he said.

To make the GIM successful, Karnataka is taking part in Dubai Expo and put up its stall for eight days, Nirani said adding he would also be there for three days.

Further, he told reporters that the State government has identified 50,000 acres of wasteland to be used for setting up industries.

Nirani said the government has come out with a friendly policy for investors, which the entrepreneurs should utilise.

According to him, the reforms in land, labour and businesses, and amendment to the Karnataka Industries (Facilitation) Act last year have aided the ease of doing business in the State.

The State would also re-introduced Industrial Adalat to solve its disputes and problems.