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States » SouthPosted at: Feb 15 2021 8:50PM


K'taka achieves record foreign investment of 37.67 billion US Dollars

Hubballi, 14 Feb (UNI) Karnataka State has achieved a record Foreign Investment alone of amount equivalent to 37.67 Billion US Dollars (Rupees 2735.87 Billion) between the year 2000 and 2019, according to a report presented by the government at an Awareness programme on its New Industrial Policy 2020-2025and Investment opportunities held here recently.
The USD 37.67 Billion amount is equivalent to 9 per cent of the total Foreign investment receieved by the Country for the said period.
According to the report, submitted at the meet by the Department of Industries and Commerce and organized by the Karnataka Small Scale Industries Association (KASSIA), the target of the New industrial policy is to ensure to retain karnataka’s position as a global manufacturing hub and to achieve higher and sustainable industrial growth through Capital infusion, technology transfer, world class industrial infrastructure, skill upgradation, benchmarking of policies, practices to best global standards and to achieve increasing Exports.
The objective is to attract Rupees Five Lakh Crores investment to create employment opportunities to about 20 Lakh people to achieve Third position in merchandise exports in the next five years and maintain an industrial growth rate of ten percent per annum providing an ecosystem for Technology Adoptation and innovation, the paper added.
The strategy of the New Five year industrial policy also includes various Types of incentives and subsidies for different types of new industries including Export oriented industries.
Inaugurating the Programme, Former Karnataka Chief Minister and presently Major and Medium Industries Minister, Mr. Jagadish Shettar said that plans are underway to acquire four to Five thousand acres of land to establish and develop industrial parks on the Bengaluru-Chennai industrial corridor and Bengaluru-Mumbai Financial corridor with an estimated cost of Rupees 70 to 80 Thousand Crores providing employment to Lakhs of people.
He said that an amount of Rupees 1700 Crores have been granted by the Niti Ayog for the development of Tumku’s NAD Corridor industrial area into a Model Industrial park. While a proposal is under consideration with the urban development department to declare Five to Six present Industrial estates in the State including Peenya in Bengaluru and Tarihal Industrial estate in Dharwad District as Industrial Townships, Mr. Shettar added.
Mr. Shettar said that a proposal is under consideration for the establishment of an Industrial park in Hubballi-Dharwad Areas providing Units for manufacturing Fast Moving Consumer Goods (FMCG) in three stages with each stage at a cost of 2500 Crores together an estimated total cost of Rupees 7500/- Crores. When completed, this will be a Game changer so far as the overall development of Industrial and Economic growth in the North Karnataka Region is concerned, he said.
Added to the overall progress of the North Karnataka region Thirteen National Highway projects have been approved at an estimated cost of Rupees 21,000 Crores by the Center in the region, Shettar said.
UNI VA/MV RHK2050
Tags: #K'taka achieves record foreign investment of 37.67 billion US Dollars
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