On 2nd November 2022, Prime Minister(PM) Narendra Modi virtually inaugurated the “Invest Karnataka 2022”, the Global Investors Meet 2022(GIM 2022) of Karnataka, held in Bangalore Palace, Bengaluru, Karnataka. The 3-day programme was held from 2nd to 4th November 2022
- The theme for Global Investors Meet 2022 will be “Build for the World” and is aimed at showcasing the role of Karnataka in the global supply chain.
Sessions during GIM 2022:
i.The 3-day programme included more than 80 speaker sessions. The speakers included top industry leaders like Kumar Mangalam Birla, Sajjan Jindal, Vikram Kirloskar and others.
ii.The country session hosted by the partner countries, France, Netherlands, Germany, Japan, South Korea and Australia brought in high-level ministerial and industrial delegations from their respective countries.
Key Points:
i.Basavaraj Bommai, Chief Minister of Karnataka noted that ‘Invest Karnataka 2022’ is an important meeting for all technocrats, young engineers, Information Technology(IT) & Bio-Technology (BT) experts, startups, educational institutions, and global and domestic investors are welcome.
ii.He also noted that the State High-level Committee has already given clearance for an investment of over Rs 2.8 lakh crore.
Government signs MoU worth Rs 5.20 lakh crore:
During the inaugural day, 2nd November 2022, the Karnataka government, signed Memorandums of Understanding(MoUs) worth Rs 5.20 lakh crore.
Note: This was apart from the announcement made by some industry leaders assuming investment in the state.
Details of the MoUs:
i.7 companies invested Rs 2.9 lakh crore in the ‘Manufacturing – Green Hydrogen and Derivatives’ sector. The investors in this sector include,
- ACME Cleantech Solutions Pvt. Ltd. (Rs 51,865 crore),
- ReNew and Abc Cleantech Private Limited (both Rs 50,000 crore each),
- Avaada Group (Rs 45,000 crore) and JSW Group (Rs 43,470 crore)
ii.Karnataka has signed MoUs worth Rs 1.29 lakh crore under the ‘Renewable Energy’ sector with Vedanta assuring Rs 80,000 crore investment.
iii.MoUs worth Rs 47,475 crore were signed under the ‘Manufacturing – Sunrise’ sector. The companies that signed under this sector are involved in developing electronic system design and manufacturing.
iv.The government has also signed MoUs worth Rs 25,024 crore were signed with 6 companies in core manufacturing sectors such as mining, iron, steel and cement and MoUs worth Rs 4705 crore were signed with companies in Fast-Moving Consumer Goods (FMCG), sugar, biofuel and optical systems industries.
Key Points:
i.CM Basavaraj Bommai noted that Karnataka is the only state to attract this such a large response from investors following the COVID-19 pandemic.
ii.The Karnataka government projected an investment of around Rs 5 lakh crore at the summit which is now expected to exceed Rs 7.15 lakh crore.
IndoSpace Signed MoU with Karnataka to Invest Rs 3000 crore
During GIM 2022, IndoSpace, India’s largest developer and owner of the grade A industrial real estate, has signed an MoU with the government of Karnataka to invest Rs 3000 crore in Karnataka to boost the state’s warehousing and logistics sector.
- This partnership is for a period of 7 years and it is expected to generate around 14000 new jobs in Karnataka.
The MoU will assist to enrich the sectors like automobile, electronics, aerospace, agriculture, textiles and engineering and provide them with world-class warehousing and logistics facilities
Key Points:
i.The investment, the largest ever investment in Karnataka, will work towards enhancing the industrial infrastructure in Karnataka.
ii.This investment will help to attract further investments in the state and help meet the increasing demands of industries linked with warehousing and logistics.
WOLP signed MoU with Karnataka to invest Rs 2000 crore:
Welspun One Logistics Parks (WOLP), an integrated fund, development and asset management organisation, signed an MoU with the Karnataka Government to invest Rs 2000 crore. With this investment in Karnataka, WOLP aims to expand its presence in the warehousing sector in South India.
Features of the partnership:
- Under this investment, warehousing facilities and logistics parks spread across 6.28 million sq ft will be established and this will be built over a period of 5 years. This aims to create more than 6,000 jobs.
- WOLP aims to effectively utilise government and private land parcels in Karnataka for the construction of Grade A warehouse facilities and logistics parts.
- With this MoU, WOLP also aims to significantly raise the standard of the operation of this sector in South India.
About Karnataka:
Chief Minister– Basavaraj Bommai,
Governor– Thaawar Chand Gehlot
National Park– Anshi National Park, Bandipur National Park
Wild Life Sanctuary– Arabithittu Wildlife Sanctuary; Bhimgad Wildlife Sanctuary
