Karnataka leads the way in many sectors with attractive policies to promote industries: Sitharaman

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.

The Union Minister, who is a Rajya Sabha member from Karnataka, said investors are willing to come to the state because of the record of Karnataka and Bengaluru in facilitating industries.

”Karnataka is a leader in many sectors. First in renewable energy, because 63 percent of all our installed capacity lies in renewable energy. First, in electrical maintenance, innovation, home to about seven plus auto Original Equipment Manufacturers (OEMs) — more than seven of them are here and 50-plus auto component manufacturers are here,” Sitharaman said addressing the gathering at the launch of the three-day Global Investors’ Meet titled ‘Invest Karnataka’.

The industry consultative process which happens in Karnataka is one which is extensive, the Finance Minister said.

Quoting Chief Minister Basavaraj Bommai, Sitharaman said that 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 upwards to about Rs 7.5 lakh crore, of which Rs 2.8 crore related proposals have already been cleared, she said.

”That is the pro-active nature of this government being led by Chief Minister Basavaraj Bommai and it is at that speed, which gives confidence to the investors,” Sitharaman pointed out.

She highlighted that the MoUs are coming up in the sunrise areas, including green hydrogen. Sitharaman said the state government is making sure that the corridors are coming up for industries and the ports are connected.

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 located in Bengaluru but outside the city in places like Mangaluru, Tumakuru, Mysuru, Hubballi, Shivamogga, and Kalaburagi.

”The ‘one district, one product’ is something which the state is moving 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 the renewable energy area as well,” Sitharaman said.