Karnataka – A beacon of growth and opportunity for investment
Unleashing Transformation: A new dawn for Karnataka’s Industrial sector
BENGALURU:
The Government of Karnataka, under the visionary leadership of Large and Medium Industries and Infrastructure Development Minister MB Patil, unveiled a revolutionary initiative to establish a ‘Knowledge-Health-Innovation and Research City’ (KHIR)spanning approximately 2000 acres on the outskirts of Bengaluru.
Minister Patil announced this ambitious project during a media conference convened at Vidhana Soudha, marking the completion of 100 days of the Congress government’s tenure in the state.
The ‘Knowledge-Health-Innovation and Research City’ has been planned to be established in an area of around 2000 acres in the outskirts of Bengaluru. The KHIR is poised to redefine Bengaluru’s global standing by fostering the growth of cutting-edge knowledge institutions, healthcare facilities, innovation hubs, and research centers. In its initial phase, 1000 acres will be developed to house a world-class university, a state-of-the-art hospital, and advanced innovation and research facilities. This strategic initiative is expected to elevate Bengaluru’s stature in the international arena” M.B. Patil said.
Minister MB Patil also commented on the project’s significance, stating, “We have envisioned a ‘Knowledge-Health-Innovation and Research City’ that will become a beacon of excellence It is a testament to our commitment to advancing knowledge, healthcare, and innovation in Karnataka. This project will not only benefit the people of our state but will also attract global talent and investments, taking Bengaluru to greater heights.” he added.
Additionally, the government is taking decisive steps to enhance industrial infrastructure, with local industrial associations being entrusted with the management of industrial areas. Minister Patil expressed confidence that this move will address long-standing infrastructure challenges faced by industries in the state.
To strengthen collaboration between the government and the industry, the minister has initiated dialogues with representatives from diverse sectors, ranging from startups to conglomerates. These discussions have extended to foreign diplomats from the Netherlands, Germany, Taiwan, and Israel, with a focus on creating an inclusive environment conducive to industrial growth.
Invest Karnataka to be reconstituted
Furthermore, the ‘Invest Karnataka’ platform is undergoing a significant overhaul to attract investment while ensuring an inclusive industrial ecosystem in the state. This initiative involves industry luminaries, a ‘Strategic Investment Committee’ comprising experts from venture capital, private equity, and infrastructure development, and the creation of a streamlined ‘single window’ system to facilitate ease of doing business.
Minister Patil emphasized the formation of a ‘Vision Group’ to drive growth in ten priority sectors, including Aerospace and Defence, Machine Tools, ESDM, Pharmaceuticals, Core Manufacturing, Automotive/Electric Vehicles, Industry 5.0, Textiles, Green Energy and Emerging Technologies.
The government is actively working on crafting a new industrial policy and has already drafted policies for the electric vehicle and warehousing and logistics sectors. Insights from the industrial policies of other states are being studied to develop a forward-thinking and attractive incentive package for investors.
Rs.60,000 crore worth MOUs
In a significant announcement, Minister Patil revealed that during this period, investments totaling Rs. 60,000 crores have been secured, resulting in the creation of approximately 30,000 new jobs. Notable companies such as Foxconn, JSW Energy, Tata Electronics, and IBC have signed Memorandums of Understanding (MOUs) for substantial investments, signaling their confidence in Karnataka as an investment destination.
Moreover, negotiations are in progress with more than 20 potential investors, with the potential to bring in investments of Rs. 1,00,000 crore to the state. These potential investors comprise multinational companies based in Taiwan, Korea, as well as prominent public and private sector organizations.
Significant Infrastructure Developments to Boost Karnataka’s Economic Growth
Vijaypur Airport by April 2024
“In a bid to propel the economic growth of Vijayapura, Bagalkot, Yadgiri, Raichur, and Koppal districts, the construction of Vijayapur Airport is progressing at a remarkable pace. All necessary measures are being meticulously executed to ensure the airport’s inauguration by April 2024. This infrastructure milestone is poised to bring new opportunities and vitality to the region. Furthermore, the development of Hassan Airport is well underway, signifying the state’s commitment to enhancing its aviation network” minister said.
In a significant move towards sustainable tourism, steps have been taken to establish an expansive eco-tourism park spanning 1,819 acres in Uttara Kannada through a public-private partnership model. Simultaneously, plans are afoot to create an Aero City ‘Business Park’ extending across 407 acres near Kempegowda International Airport in Bengaluru, drawing inspiration from successful models like Delhi. These initiatives aim to promote tourism, bolster local economies, and create employment opportunities. “
“The Bengaluru Suburban Project is set to revolutionize the region’s transportation infrastructure. In its first phase, covering 149 kilometers, the project is nearing realization. Additionally, preparations have been initiated to expand the project to an extensive 452 kilometers in its second phase. K-RIDE is diligently awaiting the necessary permissions from the Union Ministry of Railways to advance this critical undertaking, which will significantly enhance connectivity and mobility in the state” he explained.
These infrastructure developments underscore Karnataka’s commitment to fostering economic growth, promoting sustainable tourism, and advancing transportation connectivity for the benefit of its citizens and the state’s overall progress.
MSIL embarks on comprehensive development plan
The Minister announced that MSIL is currently in the midst of a sweeping transformation, with ambitious plans to establish 100 premium liquor outlets across the state. “The initial phase of this initiative will see the launch of 30 outlets, including 10 strategically located in various parts of Bengaluru city. Simultaneously, significant enhancements are being implemented in the management of the MSIL chit-fund, ensuring the utmost care in handling people’s financial investments. Furthermore, the iconic Lekhak notebook brand is set to undergo a revitalization, and a dedicated commitment exists to elevate the prestige of the historic Mysore sandal soap, originally established by the Maharaja of Mysore.”
Karnataka Model
Minister Patil highlighted the government’s accomplishments in the first 100 days, with four out of five major election promises fulfilled, particularly focusing on women’s empowerment, thus setting a shining example of the ‘Karnataka model.’ He emphasized the pivotal role played by the initial 100 days in shaping the government’s future endeavors.
The media conference was attended by Dr. S. Selvakumar, Principal Secretary to the Government, Gunjan Krishna, Commissioner, Industrial Development, Dr MR Ravi, MD, KSIIDC, Manoj Kumar, MD, MSIL, Prashanth, MD,KSDL, Dodda Basavaraju, Managing Director of Karnataka Udyog Mitra, and other senior officials of the government.
