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Karnataka inked MoUs with 23 companies, to attract over Rs 28 lakh crore Investments

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Rs 28 lakh crore investmentsOn July 15, 2021, during the ‘Invest Karnataka’ event the Karnataka government announced signing of Memorandums of Understanding (MoUs) with 23 companies covering sectors such as Electric Vehicles, data centres, aerospace and Defence to attract investments worth over Rs 28,000 crore and generate nearly 15,000 direct jobs.

  • The MoUs were signed in the presence of Chief Minister (CM) Bookanakere Siddalingappa Yediyurappa and Large and Medium Industries Minister Jagadish Shettar among others.
  • The MoUs include Rs 4,015 crores MoU with C4V, a leading US-based Li-ion cell manufacturer; Rs 5,000 crores MoU with Adani Data Centers to set up data centres in Karnataka, among others.

Points to be noted:

i.Since March 2020, Karnataka Government has cleared more than 520 projects of industries with a total investment of Rs 77,000 crores in multiple sectors.

  • Additionally, there are proposals, and MoUs submitted worth Rs 23,000 crores, thus taking the total investment to Rs 1 lakh Crores.

ii.Karnataka has developed dedicated clusters for Toys in Koppal, Consumer Electronics in Dharwad, Pharmaceuticals in Yadgir, among others.

iii.It should be noted that the Karnataka government has decided to host the Global Investors Meet (GIM) in its capital city Bengaluru from February 9 to 11 in 2022.

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