Bangalore, June 9, 2012: The Karnataka state government’s , Global Investors Meet (GIM) 2012 which concluded on June 8, saw the signing of 730 MOUs across several sectors for investments in the State. The government today garnered potential investments of over 7.6 trillion rupees with a potential to offer over 1.5 million jobs.
Interestingly about 40 percent of the total investment will be in energy projects, followed by iron and steel 15.3 percent, cement 6.3 percent. ITand electronics lag at just 6.3 percent Says D.V.
Sadananda Gowda, Chief Minister of Karnataka: said that the response to Karnataka has been tremendous. “I am happy to say that through the success of GIM 2012, we are on the right track. We look forward to strengthen partnerships with our investors in our mutual quest to achieve enhanced and wide-ranging interactions and initiatives in the future. The Government of Karnataka is committed to inviting and sustaining investments that would enhance inclusive growth and employment within the state. In line with this, one of the initiatives is the forming of a Karnataka ICT Group 2020. The mission of the group is to increase ICT exports to Rs 4 trillion and create additional 1.2 million jobs by 2020. The group also intends to help incubating 1000 start ups and entrepreneur driven initiatives”.
The GIM Expo saw the participation of over 462 exhibitors from 13 countries including Japan, Germany, Mexico, Italy, Canada, UK, Taiwan, etc. Over 300 Small and micro enterprises from across Karnataka covering all districts also participated.
Karnataka is the first state in the country to promote nano science and nanotechnology. In a significant move to attract investment from nanotechnology-based industries, the Government has initiated a project to develop a nano park on approximately 100 acres. The state has also proposed the establishment of a technology innovation and research centre, based on the Industrial Technology Research Institute model in Taiwan.
The Government of Karnataka has allotted 50 acres of land near Bangalore airport to IFCI to build a financial city. In addition, the state has taken the initiative to develop an integrated Information Technology Investment Region (ITIR), covering an area of 40 sq. km. The Central Government has given an “in principle” clearance for the project.
It remains to be seen how many of the MOUs actually translate into real enterprises on the ground and how many remain paper proposals. Some leading investors in the state were caustic about the ineffectiveness of the existing so-called single window clearance mechanisms for new projects in the state
Background note: Global hub: Karnataka is the leading IT hub of the country with Bangalore as the 4th largest technological cluster in the worldafter Silicon Valley, Boston and London. With a third of India’s software technology park units, the state is the country’s largest software technology hub
and India’s largest software exporter. v81% of the total Special Economic Zones in Karnataka are focused on IT
Link to IT backgrounder http://www.advantagekarnataka.com/investment-sector/it.php