Home CITY UPDATES Karnataka is top FDI destination in country

Karnataka is top FDI destination in country

Karnataka is top FDI destination in country

State’s share of Rs 62,085 crore in April-June is 48% of all FDI flow to India: Minister Nirani

Karnataka Udyoga Mitra ranked India’s top investment agency


Karnataka was the top FDI destination in India during the April-June quarter of the current fiscal year, attracting a share of Rs 62,085 crore, said Large and Medium Industries Minister Murugesh Nirani on Wednesday. He was addressing the media at Vidhana Soudha.

“Karnataka attracted Rs 62,085 crore in investments in the first quarter of this fiscal, accounting for 48% of all FDIs in India. Our state had attracted Rs 30,746 crore FDI in 2019-20 and stood at the third spot, while in 2020-21 we maintained the third spot by attracting Rs 56,884 crore,” Nirani said.

Lauding the Karnataka Udyoga Mitra (a single-window agency for investments) for emerging as the country’s top Investment Promotion Agency (IPA), Nirani said it was a matter of pride for the state. “The National Investment Promotion and Facilitation Agency ‘Invest India’ has rated Karnataka Udyoga Mitra the top IPA agency in the country from amongst 20 states. Karnataka Udyoga Mitra has scored centums in 4 out of 8 categories regarding investment promotion,” Nirani said.

Ease of doing biz

The Minister said the agency’s role was crucial in ensuring an investor-friendly atmosphere. “Udyoga Mitra scored full points in winning investment projects, facilitating investment projects, aftercare and managing the website. Its role in providing clear information to investors like opportunities, procedures and necessary facilities was very crucial. We have removed hurdles for investors by easing many policies and providing necessary assistance to start industries,” Nirani said.

“We have implemented several reforms to ensure ease of doing business such as affidavit-based clearance, central inspection system, and land and labour laws. Invest India has lauded Udyoga Mitra’s foresightedness and proactive steps in this respect,” the Minister said.

Warning on land misuse

The Minister said he was planning to issue notices to persons who had been allotted KIADB land but had not utilised it for the stated purpose.

“In the next 15 days, we plan to issue notices and seek an explanation from the allottees on why the land was not utilised for the stated purpose. There have been many complaints against some individuals and companies that land has been kept vacant,” he said.


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