K'taka inks MoUs for investments worth around Rs 10 lakh crore
Bengaluru, Nov 4: Karnataka has signed Memoranda of Understanding (MoUs) for investments worth nearly Rs 10 lakh crore, during the three-day Global Investors' Meet (GIM) - 'Invest Karnataka 2022', which concluded here on Friday.
Over Rs 2 lakh crore of these investment proposals, are said to be in the green energy sector.
"Investments (proposals) have come beyond our expectations...we are a very serious government and want serious investors...these MoUs are just an indicator. How much of these MoUs gets converted into investments is important," Chief Minister Basavaraj Bommai said addressing the valedictory function of GIM.
Stating that of the total MoUs worth Rs 9.8 lakh crore so far, projects worth Rs 2.83 lakh crore have been cleared already, which is 29 per cent realisation, he said, "We had actually expected investment (proposals) of Rs 5 lakh crore, but it has now come up to nearly Rs 10 lakh crore."
"I have given the timeline to the Industries Secretary that in next three months, all the MoUs should be decided, either they are on board or not. I want to give a report to my people and legislature after three months that so much was signed and so much has been realised into investment," he said, adding that all the niche areas have been covered for investments.
Industries Minister Murugesh Nirani, Power Minister Sunil Kumar, Union Minister of State for New and Renewable Energy Bhagwanth Khuba, top officials of the state government, and industry representatives were present at the event.
Noting that his government means business, the Chief Minister claiming to be candid, said what the administration is looking for is "genuine investors".
"I don't want guys, who get all the clearances from the government and try to market it in the stock market. No, we are not for that," he said.
He further listed out that in the first GIM in way back in 2000, MoUs for investments worth Rs 27,057 crore were signed, but only 44 per cent of it -- Rs 12,000 crore was invested.
In 2010, Rs 3,94,768 crore worth MoUs were signed, but only 14 per cent was realised, he said, adding that Rs 6,77,158 crore worth MoUs were inked in 2012 but only 8 per cent was realised; and in 2016, Rs 3,00,500 crore investment was promised, but only 15 per cent of it materialised.
"I dont want to repeat this. No government will reveal these figures, but I want to bring transparency and I want to be honest to people and investors," Bommai added.
Minister Nirani, in his address, said out of nearly Rs 10 lakh crore worth investment MoUs signed, more than 70 per cent are for "beyond Bengaluru".
He said the GIM hereon will be held every alternate year, and the next one will be in January 2025.
Minister Sunil Kumar said, in this GIM, about Rs 2 lakh crore worth investment proposals have come in the green energy sector, and his department is making all preparations for this large-scale investment to be realised and for possible power generation from it.
'Invest Karnataka-2022' is said to be the first such major investors conclave to meet in the country after the COVID-19 pandemic.
This investment summit is much more important than the previous ones, the Chief Minister said, adding that this was an extraordinary effort, during extraordinarily challenging times, amid recession, fear of inflation, and economic/financial crisis across the globe.
At a time when several developed countries that are economic powerhouses have been facing hard times, Karnataka in India "dared" to hold this conclave, he said, as he credited the trust reposed by the investors, strength of the people here, technology-driven industries, skilled manpower, a forward looking government and its policies, for it.
"With these kinds of assets -- what Karnataka thinks today, India thinks tomorrow," he quipped.
Speaking about the renewable or green energy sectors, Bommai said, "Proposals on hydrogen fuels, green ammonia, have already come and we have cleared in the state-level committee, and I'm sure we are going to compete with Gulf countries, as to who will produce it first."
"I want us to produce (green hydrogen) first. Of course, they (Gulf nations) have better infrastructure, but we have strong resolve and determination and we are at it. I want to see first renewable energy in hydrogen, will start breaking ground by February-March. That's our target," he said.
Highlighting that investment-friendly infrastructure is readily available beyond Bengaluru, the Chief Minister said there are more than 50,000 acres of land bank from across the state, airports are getting opened this year in Shivamogga, Vijayapura and in Karwar, besides 6,000 kms of national highway are getting ready.
He also said that Bengaluru, which is already renowned as a major IT hub, is now emerging as a financial centre, and very soon it will emerge as the number one in this space.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
