Bangalore, June 3 (IANS) The Global Investors Meet (GIM), expected to bring in Rs.5 trillion (Rs.5 lakh crore) to Karnataka in the next four-five years, began here Thursday with the state rolling out a red carpet to global firms and India Inc.
A galaxy of big ticket investors led by ArcelorMittal founder Lakshmi N. Mittal is attending the meet, inaugurated by Bharatiya Janata Party leader and leader of opposition in the Rajya Sabha Arun Jaitley.
Other leading industrialists at the two-day meet included Aditya Birla Group Head Kumaramangalam Birla, ESSAR Group Chairman Sashi Ruia, UB Group Chief Vijay Mallya, Former Confedration of Indian Industries President Venu Srinivasan, Infosys CEO Kris Gopalakrishnan and Wipro Chairman Azim Premji, Baba Kalyani of Bharat Forge, Sajjan Jindal of JSW steels.
In his brief address, Jaitley said there was competition for investment not only among the states in India but among countries.
‘Investments will have to return reasonable profit without which no investor will come forward. Profit will lead to revenue to the state and resources to invest in social sector for the benefit of the underprivileged,’ he said.
Praising the Karnataka government for organising the GIM, Jaitley said: ‘Karnataka has probably one of the best human resources in the country. It has reasonable infrastructure which should be converted into world standards.’
Law minister M. Veerppa Moily inaugurated an exhibition on GIM’s theme ‘Advantage Karnataka – One State, Many Opportunities’.
The exhibition, covering about 20,000 sq ft, will showcase the multiple advantages, incentives, tax reliefs and pro-industry policies of the state government, including single-window clearance, land bank and other facilities for speedy execution of projects.
He said his ministry was working on plan to make India the number one hub of international arbitration.
Chief Minister B. S. Yeddyurappa had some good news for the power-starved state and also potential investors.
‘This morning Udupi thermal power plant has started generating 55 MW of power and by this month end it will go up to 600 MW.’ Udupi is about 400 kms from Bangalore city.
Food processing industries minister Subodh Kant Sahai released sector and district-wise profile of the state giving details of the infrastructure and resources available for various industries in different parts of the state.
Former ISRO chairman K. Kasturirangan launched an interactive website providing information on investment opportunities and to settle grievances online.
The GIM, twice postponed – once in view of the global economic slow down and second time following devastating flood in Oct-Nov last year in large parts of north Karnataka, has been inspired by the success of Gujarat in snapping up Rs.7 lakh crore (Rs.7 trillion) investments in 2009.
In the run-up to the mega event, the state government has approved investment proposals worth Rs.3.36 trillion (Rs.336,185 crore), with iron and steel sector taking the lion’s share of Rs.2.20 lakh crore (Rs.2.2 trillion), followed by power (Rs.79, 140 crore), IT/BT (Rs.19, 188 crore) and cement (Rs.17, 857 crore).
The first GIM was held in 2000 and the then Congress government had attracted global investments worth Rs.27,000 crore (Rs.270 billion).
Besides the core infrastructure sector, the state government is confident of getting assured investments in aerospace and automobile, agro and food processing and tourism sectors.
The state industries department and the Karnataka Udyog Mitra have organized the meet in association with the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI) as associate partners.
